August 17, 2016
Volume 17 Issue 52
Cosan Lubricants Posts Net Loss
Lubricants manufacturer and distributor Cosan Lubricants reported a net loss and higher net revenue for the second quarter, compared to 2015’s second quarter.
The Brazilian company posted a 15.9 million Brazilian reais (U.S. $5.1 million) net loss for the quarter ended June 30, compared to 4.1 million reais net income a year earlier.
Cosan’s net revenue from the sale of lubricants and other goods and services, and the resale of base oil, reached 489 million reais for the second quarter, up 15.3 percent from 424.1 million reais. The net revenue total was supported by new accounts and better results from international operations, Cosan said.
Total lubricant sales volumes for the second quarter reached 87,000 cubic meters, up 8.5 percent.
Sao Paulo-based Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions starting in 2008 to become a distributor of fuels and lubricants.
Novvi, a joint venture between Cosan and U.S. research firm Amyris, develops renewable synthetic base oil from sugarcane.