31 May 2012 23:23 [Source: ICIS news]
MEDELLIN, Colombia --Brazil’s largest sugar and ethanol producer Cosan reported a 69% year–on–year drop in fiscal fourth–quarter net profits, the company said on Thursday.
Net profits for the quarter stood at Brazilian reais R149.6m , a drop from R480.9m for the same period in 2011, the company said.
While fourth–quarter net revenues climbed to R5.79bn ($74.8m, €60.6m) from a year earlier, earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to R367.4m from R1.03bn, the company said.
The company affirmed that it has been engaged in a buying spree in order to diversify away from its traditional area of cane, sugar, ethanol and biomass energy generation.
After the launch of a joint venture with Shell in June 2011 to produce bioethanol from sugarcane, Cosan’s lubricants division began acquiring assets in Bolivia, Paraguay and Uruguay, the company said.
In March 2012, the company announced that it had acquired the UK's Comma Oil and Chemicals, an automobile lubricants and additives company, which was controlled by ExxonMobil.
Finally the company announced this week an agreement with Brazil’s largest rice producer, Camil, to merge their food divisions.
“We’re very pleased with the performance of our business units in a very challenging year for the company,” said Cosan CEO Marcus Lutz.
“We achieved significant results and underwent major changes in our business profile which have made us more resilient to market adversities,” he added.
($1 = R.50) ($1 = €0.81)
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