Brazilian meat giant JBS has reported a fall in profits for the second quarter of the year despite an increase in sales.

The firm’s bottom line was hit by costs related to the tender offer for 2016 notes in JBS SA and Bertin SA.

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Hedging costs and tax expenses also weighed on JBS’s net profit, which fell 24.9% to BRL254.3 (US$112m).

However, operating profit was up 18.5% to BRL747.3m against the same period a year earlier. 

Sales were also up 32.1% to BRL28.9m as a result of an improvement across all business units.

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