Moove – Cosans lubricants production and distribution arm – reported higher revenue and sales volumes for the fourth quarter and full year, but posted a net loss for the fourth quarter and lower net income for the full year.
The company reported a net loss of 7.9 million Brazilian reals (U.S. $1.8 million net loss) for the fourth quarter ended Dec. 31 – down from a net profit of 2.2 million reals in the same quarter the previous year – but posted a net revenue of 906.7 million reals for the period, up about 2 percent from 2018s fourth quarter.
For the full year, Moove reported net income of 51.1 million reals, down almost 25 percent from 67.9 million reals in 2018. Revenue for the year bumped up over 17 percent to 4 billion reals.
Lubricant sales volumes for the Sao Paulo, Brazil-based company reached 84,000 metric tons, a 13 percent increase from the same period in 2018. Lubricant sales volume for the year totaled almost 358,000 metric tons, up 15 percent from 311,000 metric tons in 2018.
The company credited the increased sales volumes to strong international sales. Cosan also noted in its earnings release that its overall operations recorded improving results for 2019, partially due to the expansion of its lubricants operations. Moove has established distribution arms in Portugal, France, Argentina and the United States since 2018.
Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.