SAO PAULO Feb 16 Brazilian energy and logistics
company Cosan SA Indústria e Comércio reported net
profit dropped 70.9 percent to 178.3 million reais ($57.8
million) in the quarter that finished in December, compared to a
profit of 612.5 million reais a year ago.
Cosan said in a securities filing on Thursday that earnings
before interest, taxes, depreciation and amortization reached
1.352 billion reais in the period, down 21 percent from the same
quarter in 2015.
Analysts expected favorable results from Cosan after the
release earlier this week of financial performance of Raízen
Energia, its 50-50 joint venture with Royal-Dutch Shell Plc
and the world's largest sugar and cane-based ethanol
Raízen, which accounts for a large part of Cosan's
operations, reported a profit of 557 million reais in the
quarter ended in December versus 463 million reais a year
Sugar prices have been attractive for Brazil's cane sector,
which has maximized the production of the sweetener at the
expense of ethanol production.
(Reporting by Marcelo Teixeira; Editing by Phil Berlowitz)