SAO PAULO (Reuters) - Brazil's leading sugar and ethanol group Cosan posted a quarterly net profit of 2.3 billion reais ($1.44 billion), up from 400,000 reais a year before, after the creation of a joint venture with Royal Dutch Shell Plc, a market filing said early on Tuesday.
Excluding one-time effects on its results, including most notably the merger of the company's local assets with Shell into the joint venture Raizen, net earnings over the first quarter would have been 167.5 million reais.
The company said adjusted earnings before interest, taxes, depreciation and amortization -- an indication of cash flow known as EBITDA -- reached 439.9 million reais, down from 475.7 million reais a year before.
Adjusted EBITDA margin fell to 8.5 percent from 11.9 percent from the same quarter in 2010, after the merger of Cosan's milling and fuel distribution assets with those of Shell.
Net revenue over the quarter of the crop year that runs from April through June rose to 5.19 billion reais, from 4 billion reais a year earlier.
Reporting by Reese Ewing and Alberto Alerigi Jr., editing by Gerald E. McCormick