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Cosan Limited

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Cosan’s first-quarter 2015 net income plummeted 93.2% year over year due to sales declines of 0.7% and 1.1% in Cosan S.A. and Cosan Logistica, respectively. Weak top-line and an increase in costs of sales led to a fall of 380 basis points (bps) in gross margin. Also, higher operating expenses and interest expense as well as adverse foreign currency movements impacted the company’s margins and profitability. For 2015, Cosan does not expect any respite from the difficult operating conditions, but it will work diligently to expand its businesses by improving production capabilities and services. Also, the company remains committed toward rewarding its shareholders through dividends and share buybacks.

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