Cosan’s Moove finished lubricants production and distribution segment reported higher income and revenue for the quarter ending Sept. 30, compared to results in the same period last year.
The segment posted 69.7 million Brazilian reals (U.S. $13 million) in net income, compared to a 9.6 million loss in the year-earlier period.
Net operating revenue for the segment reached 1.3 billion reals in the third quarter, up 18% from 1.1 billion reals.
Lubricant sales volumes for the Sao Paulo, Brazil-based company reached 128.9 million liters (116,000 metric tons), up 21% from 106.5 million liters. Sequentially, sales volumes jumped up 95% from 66 million liters in the second quarter, which the company said reflected the deeper effects of the COVID-19 pandemic during the third quarter.
“Demand for lubricants significantly recovered due to the relaxation of social distancing measures and the upswing of economic activity in the main markets of operation,” Cosan stated in its earnings news release.
Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.