Moove reported a net revenue of Brazilian reais 446.7 million ($141.5 million) for its first quarter, down roughly 7 percent from a year earlier. The company attributed this decrease to a lower exchange rate during the period, though Cosan notes the Brazilian real appreciation contributed to lower cost of products sold.

However, lubricant sales volume grew from 77, 000 cubic meters in the year-earlier quarter to 81,000 cubic meters in the first quarter.

Moove outperformed the industry average again by growing sales volumes by 1 percent, reflecting the strategy of growing market share among [original equipment manufacturer] automakers in Brazil, said the company in its earnings report.

Sao Paulo, Brazil-based Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.

Novvi, a joint venture between Cosan and U.S. research firm Amyris, develops renewable synthetic base oil from sugarcane.

Nynas

Nynas naphthenic business unit, which primarily supplies base oils, posted an earnings before interest, taxes, depreciation and amortization of 206 million Swedish krona ($23.4 million) for its first quarter, down from 383 million Swedish krona a year earlier, which included income compensation of 262 million korna for a discontinued tolling agreement.

The Swedish company reported a modest increase in net sales for its naphthenic unit to 1.8 million korna from 1.6 million krona in the previous years first quarter.

Sales volumes in Europe, the Middle East, India and African soared above the companys expectations, with Central Europes, Germanys and the Middle Easts sales at record levels. Also reaching record levels in sales was the Asia Pacific region, with China setting a new monthly sales record in March.

Sales in the Americas, however, fell below expectations, which the company attributes to supply constraints.

Demand was strong for our [naphthenics business] and, consequently, volumes were up compared to last year, said Nynas President and Chief Executive Officer Gert Wendroth said in its first quarter interim report. The market for base oils turned tight during the first months of the year, pushing pricing upwards. Even though we are always lagging with price increases for our finished products, margins for our naphthenic specialty oils improved compared to last year.

Nynas is co-owned by Neste Oil and Petroleos de Venezuela S.A. (PdVSA), which has a long-term marketing agreement to sell naphthenic base oils produced by the Refineria Isla refinery operated by PdVSA in Emmastad, Curacao. That plant has 3,700 b/d of naphthenic capacity and 5,000 b/d of paraffinic Group I capacity.