Cosan reports profits (Brazilian accounting), loss (US accounting); debt soars, stock rises, go figure

In Brazil, Cosan reported a $64.6 million loss for its third quarter, up from a $59.7 million loss in the comparable period last year. However, under Brazilian accounting rules, the company swung to a quarterly profit after recording a loss of 71.4 million reais last year.

The company said that is debt soared to $1.3 billion with the absorption of ExxonMobil’s retail stations and lubricants businesses purchased last year, along with increases in funding from BNDES for its biomass-to-power plants.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Brazil’s Cosan merges with Nova America: Cosan now controls 10 percent of Brazilian sugar trade

In Brazil, Cosan announced that it would merge with Nova America and acquire four new sugar cane factories and gain control of leading sugar company Uniao in return for giving Nova shareholders 11 per...

Successful IPO for Brazilian ethanol producer Cosan

MSNBC reports on the successful IPO for Brazlian ethanol giant Cosan, which raised more than $1 billion in its flotation last week in New York. A successful IPO for Coasan, with the Dow rising and fal...

Encore launches integrated management software platform for biofuels; integrates accounting, procurement, lab data, contract management

In Canada,  Encore Business Solutions announced the release of a REAP 2.5 business management software platform targeted to the biofuels industry. The platform supports commodity procurement, inve...

Cosan expresses interest in takeover of struggling Brazilian ethanol plants

In Brazil, Cosan indicated that it may be interested in taking over struggling Brazilian sugarcane ethanol plants beset by falling ethanol prices, global economic turmoil and a depressed sugar market....

Cosan projects 7-8 percent increase in cane harvest; mum on expansion plans in Goias state

In Brazil, Cosan announced that it expects to increase sugarcane production by up to 8 percent in the 2008/09 cane season. The company told Reuters that its 18 mills would crush up to 44.4 million ton...

Brazil’s Cosan to acquire Usina Benacohol for $61 million plus assumption of $20 million debt

In Brazil, Cosan announced that it will acquire the Usina Benalcohol ethanol plant for $61 million, plus assumption of $20 million in company debt. Benalcohol has a 1.3 million tonnes of cane a year,...