JBS reported a net income of BRL323 million (US$99 million) during the third quarter of the 2017 fiscal year, less than half the net income of the BRL887 million (US$272 million) it reported during the third quarter of the previous fiscal year.

The Brazil-based meat and poultry company reported its quarterly results on November 13.

Despite the year-over-year loss, company officials were upbeat about the income achieved amid difficult markets.

“We achieved excellent results driven by strong performance in our international operations and solid improvement in our Seara business,” Gilberto Tomazoni, global chief operating officer of JBS stated in a material fact posted on the JBS website.

“An impressive improvement in free chase flow for the quarter, the majority of which was generated by operations, helped increase our liquidity and significantly reduce our leverage. Our total liquidity at the end of the quarter was greater than our short-term debt.”

Tomazoni reported that JBS’ international business is performing “much better than the market in each segment and country we operate.”

The third quarter for the company concluded on September 30. During the quarter, the company underwent many changes as it recovered from a corruption scandal in which former company leaders Wesley Batista, once the CEO, and Joseley Batista, the former chairman, admitted to bribing politicians. Both have since been incarcerated on suspicion of insider trading and market manipulation.

José Batista Sobrinho, the founder of the company, has since been named CEO. The company, also during the third quarter concluded the sale of its beef assets in Argentina, Paraguay and Uruguay to Minerva, created an independent advisory board for JBS USA, and completed the sale of European poultry company Moy Park to Pilgrim’s.

The company also recently concluded the sale of dairy company Vigor Alimentos to Grupo Lala, and the proceeds from that transaction will be reflected when JBS releases the financial results of the fourth quarter.