Cosan narrows Q2 loss, revamps leadership and exits NYSE
Cosan's Q2 net loss fell 66% year-on-year to R$320 million, aided by lower interest costs. The firm also named a new CFO and will delist from the NYSE.
Brazilian conglomerate Cosan reported a sharply narrower net loss for the second quarter on Friday, while unveiling significant changes to its executive team and a planned exit from the New York Stock Exchange.
The company posted a net loss of 320 million reais ($61.4 million) for the April-to-June period, a 66% improvement from the 946 million reais loss recorded in the same quarter last year. Cosan attributed the better performance to reduced interest expenses on its net debt and tighter control of general and administrative costs.
In a securities filing, the company announced the resignation of Chief Financial Officer Rafael Bergman and legal chief Maria Rita de Carvalho Drummond, effective September 1. The board has appointed Jose Cezario Menezes de Barros Sobrinho as the new CFO. In a structural shift, the legal department will now report directly to the financial head.
Cosan also confirmed it will voluntarily delist its American Depositary Shares from the New York Stock Exchange. The group's portfolio spans energy, logistics, and infrastructure, including stakes in Raizen, Rumo, Compass, Moove, and Radar.