Moove – Cosan’s lubricants production and distribution arm – reported lower net income, revenue and sales volumes for the first quarter ending March 31.
The segment posted net income of 25.3 million Brazilian reals (U.S. $4.8 million) during the quarter, down almost 14 percent from net income of 29.4 million reals in the first quarter of 2019.
Revenue reached just over 1 billion Brazilian reals during the quarter, down 0.3 percent year-over-year.
Lubricant sales volumes for the Sao Paulo, Brazil-based company reached 83.4 million metric tons for the quarter, down 3 percent from 86.2 million tons the prior year. Cosan said that sales were impacted by lower demand in the end of March, due to the Covid-19 pandemic, across all countries of operation.
Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.