Aug 8, 2013 - Brazilian sugar and ethanol producer Cosan (SAO:CSAN3) yesterday reported a net loss of BRL 198 million (USD 86.2m/EUR 64.6m) for the second quarter of calendar 2013, versus a net loss of BRL 17.1 million the same period a year earlier.
As approved at the 2013 annual extraordinary shareholders meeting on July 31, 2013, Cosan's fiscal year now coincides with the calendar year, and no longer with the harvest year, commencing on January 1 and ending on December 31. Exceptionally in 2013, the fiscal year will be comprised of nine months, starting on April 1, Cosan outlined.
According to the pro-forma result sent to the country's securities exchange commission CVM, net revenue ballooned by 427% on the year, to BRL 2.226 billion.
Cosan's earnings before interest, tax, depreciation and amortisation (EBITDA) jumped to BRL 381.6 million from BRL 66.8 million a year earlier.
The company's net debt grew to BRL 6.819 billion from BRL 1.279 billion.