The company's net income for the three months to 30 September was nearly 3.4 billion reais ($1.6 billion), down from nearly 5.5 billion reais during the same period last year.

This came despite sales revenue climbing from just under 55.6 billion reais in the third quarter of 2012, to over 60.6 billion reais during the recent quarter.

Offsetting this rise however was a 12.5%