Brazilian sugar and ethanol major Cosan (NYSE: CZZ) has posted second fiscal quarter net revenue of 4.7bn reais (US$2.75bn), a 32% jump over the year-ago period.
Cosan's second fiscal quarter runs from July through September.
Of that amount, 1.75bn reais came from Cosan's sugar and ethanol business, up 45% on the year, the company said in a statement. The fuel and lubricants unit contributed 2.8bn reais to revenue, a 26% year-on-year gain.
Ethanol sales in the three-month period totaled 639Ml, up 42% from the same period last year.
All figures are preliminary and Cosan's final balance sheet is due for release on November 10.
Meanwhile, Moody's raised its corporate family rating on Cosan to Ba2 from Ba3.
The move completes a review started in March after Cosan and Shell (NYSE: RDS-B) announced the creation of a US$12bn JV in the ethanol and fuel distribution businesses.
Moody's also assigned a Ba2 rating to a proposed Cosan perpetual bond issue worth US$300mn.
The same bonds were rated BB by Standard & Poor's and Fitch.
The bonds will be issued by Cosan subsidiary Cosan Overseas Limited.
Source: www.bnamericas.com
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