Cosan’s Moove rebounded with a net profit in the first quarter – after a net loss in the same period last year – on lower net operating revenue and flat combined lubricant and base oil sales volume.
Moove, the lubricants arm of Brazil-based Cosan, had net income of 180.7 million reals (U.S. $34.8 million) for the quarter ending March 31, compared to a 170.4 million reals net loss a year earlier.
The Sao Paolo-based company said Moove’s earnings before interest, taxes, depreciation and amortization rose 19% to 329 million reals in the first quarter, compared to 276 million reals. Cosan said in its earnings release and webcast presentation that factors driving the improved EBITDA for Moove included a better sales mix in key markets and better price margins.
Net operating revenue for Moove decreased 6% to 2.4 billion reals in the quarter.
Moove’s combined first-quarter lubricant and base oil sales volume was unchanged at 143,000 metric tons.
Cosan, which has produced sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to distribute fuels and lubricants. Moove produces and distributes products under the Mobil and Comma brands, with operations in Brazil and other countries in South America, Europe and the United States. It also markets lubricants and other products for applications in the automotive and industrial segments, and it imports and distributes base oils in Brazil.