Cosan, which is controlled by Brazilian billionaire Rubens Ometto and owns stakes in companies across a number of sectors, posted a profit of 806 million reais ($154.3 million) for the last three months of 2022. The lower profit was mainly a reflection of a weaker bottom line in Raizen, a sugar and ethanol joint venture with Shell , it said. Raizen had previously said its profit fell almost 80% in the quarter, as it suffered from high borrowing costs and smaller operational margins. This, however, was partially offset by better earnings from rail logistics firm Rumo and gas distribution firm Compass, as well as a positive re-evaluation of the farms owned by Cosan's agricultural subsidiary Radar, the firm said in a statement.
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA) grew 74% in the quarter, to 4.81 billion
reais.
In October, the firm said it had acquired a 4.9% voting
stake in mining giant Vale SA .
($1 = 5.2236 reais)
(Reporting by Peter Frontini; Editing by Sarah Morland)
