Higher sugar prices help offset lower sales volumes
Brazil’s Cosan (CSAN3.SA), the world’s largest sugar and ethanol group, said late on Tuesday that net revenue rose 12 percent in the fiscal quarter ended on June 30, aided by a surge in prices that helped offset lower sales volumes.
Net revenue totalled 3.99 billion reais ($2.26 billion) in the so-called first quarter of 2011, compared with 2.57 billion reais a year earlier, the company said in an e-mailed statement. Quarterly net sales were 4.39 billion reais in the prior quarter.
Average sugar prices rose 35 percent to 889.4 reais a tonne, slower than the 49 percent growth posted in the prior three months. The company sold 932,400 tonnes of sugar in the three months ended on June 30, compared with 988,500 tonnes in the year earlier period, the statement said.
The company, based in Sao Paulo, will unveil quarterly results on Aug. 12 after markets close.
Cosan’s fiscal year starts on April 1 and ends on March 31, following the sugar cane harvesting cycle in Brazil’s center-south region.
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