February 25, 2015
Sugaronline | http://goo.gl/3jy8ds
Brazil-based Raízen has released financial results for the third quarter of fiscal year 2015, the three months ended Dec. 31, according to the US's Ethanol Producer.
The company reported net revenue of BRL16.98 billion (US$5.9 billion), up from BRL14.88 billion during the same period of the prior year. The increase is attributed, in part, to a 39% increase in the volume of sugar and 14% increase in the volume of ethanol sold by Raízen Energia.
EBITDA was BRL1.43 billion, up from BRL1.16 billion during the same quarter of fiscal year 2014. The EBITDA margin increased from 7.8% during the third quarter of 2014 to 8.4% in the third quarter of 2015. The increase is attributed to several factors, including higher sales and an increase of 88% in gross margin of the cogen business due to operational improvements and better prices.
Net income was US$314 million, up from US$233 million. The 45% increase is attributed to better operating results reported by Raízen Combustíveis and Raízen Energia, offsetting a higher financial expense due to foreign exchange variation.
According to a presentation published by Raízen, Raízen Combustíveis sold 2.23 billion litres (590.16 gallons) of fuel, up 7% from the same period of the previous year. That volume included 724 million litres of ethanol, up 10.6% from the 655 million litres sold during the same quarter of fiscal year 2014.
Raízen Energia crushed 11.7 million tonnes of sugarcane, down from 16.1 tonnes during the same period of the previous fiscal year. Sugar production dropped from 1.18 million tonnes during the third quarter of fiscal year 2014 to 847,000 during the same quarter of the current fiscal year. Ethanol production was 545 cubic meters during the third quarter, down from 558 cubic meters during the same period of 2014.