Sao Paulo, July 31 - Cosan , Brazil's largest sugar and ethanol group, swung to a net loss on Wednesday for the period between February and April, due to falling international sugar prices and rising costs, after a profit a year earlier.
Cosan said its net loss was 5.3 million reais ($3.39 million) for the period after a 164.7 million reais profit at the same time last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) -- a key measure of cash flow -- dropped to 46.2 million reais from 128.4 million reais a year earlier.
Net operating revenue fell to 2.736 billion reais from 3.605 billion reais during the same period last year.
The company's operating year starts on May 1 and finishes on April 30, as it follows Brazil's center-south sugar cane harvesting cycle.
For the fiscal year of 2008, Cosan posted a net loss of 47.8 million reais compared to a 357.3 million profit in the previous year.
Cosan has recently entered the Brazilian fuel distribution sector by purchasing Exxon Mobil's assets in the country.
Brazil is the world's largest sugar and ethanol exporter.
The industry's results have been eroded in recent months by the appreciation of the local currency, the real, against the U.S. dollar as well as low sugar and ethanol prices and rising production costs.
($1=1.562 reais)