Cosan profits tumble

In Brazil, Cosan reported net profits for their second quarter fell from BRL251.5 million a year ago to BRL63.2 million. Cosan is quoted as stating, “The net financial result on the period presented a net expense of BRL393.6 million compared to a net revenue of BRL86.4 million in the year ago period (a negative net variation of BRL479.9 million). The exchange rate variation over assets and liabilities denominated in dollars amounted to BRL499.5 million and was mainly responsible for this variation.”