Brazil Cosan has R198m Q2 net loss due to exchange rates, debt

08 August 2013 22:57  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazilian ethanol and sugar producer Cosan registered a Brazilian reais (R) 198m ($87m, €65m) net loss in the second quarter of 2013, the company said on Thursday.

Out of the R198m loss, Cosan attributed R66m to unfavourable currency exchange rates, R74m to taxes and R93m to debt associated with Raizen, a joint venture ethanol production company owned by Cosan and Shell.

Cosan's earnings before interest, taxes, depreciation and amortization (EBITDA) increased to R381.6m from R66.8m in Q2 2012.

Cosan reported Q2 net sales of R1.61bn in piped natural gas segment, which distributes natural gas to about 180 municipalities in part of Sao Paulo state. The company’s lubricants sector had net sales of R386m, while its sugar/commodities sector had net sales of R214m.

Raizen ethanol sales increased in Q2 to 492m litres from 429m litres the year prior, while gasoline sales rose year over year to 1.9bn litres from 1.8bn.

Diesel sales rose in Q2 2013 to 2.5bn litres from 2.3bn litres in the same period a year ago.

Cosan also announced that it has changed its fiscal year to 1 January to 31 December.

($1 = €0.75, $1 = R2.28)

By: Leo Siqueira
+1 713 525 2600

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