Brazil’s Cosan posts $25 million Q2 net loss

2022.08.13 00:29

FILE PHOTO: The company logo for Cosan is displayed on a screen on the floor of Brazil’s B3 Stock Exchange in Sao Paulo, Brazil, July 25, 2019. REUTERS/Amanda Perobelli

SAO PAULO (Reuters) – Brazilian holding company Cosan (NYSE:CZZ) SA on Friday reported a net loss in second quarter, as a higher interest rate raised its cost of debt.

Cosan, who owns stakes in companies such as Rumo and Raizen posted a 125.3 million real ($24.72 million) net loss in the three months ended in June 30, compared with a net profit of 942.4 million reais in the year-ago period.

Cosan’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 34.5% in the quarter, to 4.14 billion reais.

($1 = 5.0697 reais)

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