Brazil-based Cosan recently released third quarter financial results, reporting that its Raízen Energia segment crushed 25.7 million tons of sugarcane during the quarter and sold 1.18 million tons of sugar and 847,000 cubic meters of ethanol.

The sugarcane crush was up 6 percent when compared to the same period of last year. The increase is attributed to drier weather, which benefits crushing activities but adversely affects agricultural productivity. The company said its production mix continued to focus on maximizing sugar production, with 59 percent of the sugarcane processed during the quarter going to sugar production.

According to Cosan, net ethanol revenue for the quarter was R$1.4 billion ($413.7 million), up 24.1 percent. The increase is attributed to higher sales volumes at a better average price. Sales volume was 847,000 cubic meters, up 11.7 percent. The company said the increase was supported by an increase in export opportunities. The average price for ethanol during the quarter was R$1,654 per cubic meter, up 11 percent when compared to the same period of last year.

Cosan’s quarterly report indicates come company sold R$588.8 million in ethanol into the domestic Brazilian market during the third quarter, up 7.3 percent from the third quarter of 2015, with R$812 million sold into the export market, up 40.1 percent from last year.

The Raízen Energia business segment achieved an overall net revenue of R$3.15 billion for the quarter, up 19.4 percent from last year. Overall, Cosan reported net revenue of R$11.75 billion during the third quarter, up 2.9 percent. Gross profit was R$1.54 billion, up 2.8 percent, with EBITDA reaching R$1.42 billion, up 13.6 percent. Adjusted EBITDA was R$1.19 billion, up 24.5 percent, with net income reaching R$327.5 million, up 16.3 percent.