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BM&FBovespa Advances as Record Trading Volume Boosts Profit

BM&FBovespa SA, the operator of Latin America’s biggest securities exchange, rebounded from a four-month low after saying record-high trading volume in the first quarter boosted profit.

Shares gained 1.2 percent to 10.25 reais at the close of trading in Sao Paulo, after yesterday closing at 10.13 reais, the lowest price since Jan. 17. The benchmark Bovespa index fell 0.4 percent.

Adjusted net income rose to 409.2 million reais ($210.4 million), from 384.2 million reais a year earlier, according to a regulatory filing yesterday. Analysts had expected net income excluding some items of 410.7 million reais, according to the average estimate compiled by Bloomberg. Average daily trading volume in stocks rose 6.3 percent to a record 7.2 billion reais, the exchange said.

“Cash-equities revenue surprised on the upside,” Banco Itau BBA SA analysts including Regina Longo Sanchez wrote in a note to clients after the earnings were released. “Total costs were a good surprise.”

Cash-equities revenue, which comes from stock trading, rose to 263.4 million reais in the first quarter, from 251.7 million reais a year before, according to the filing. Net revenue of 502.8 million reais compared with 472.2 million reais a year before.

Total expenses were 166.2 million reais, down from 188.7 million reais in the first quarter of 2011, BM&FBovespa said. Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, were 376.7 million reais, or 75 percent of its net revenue.

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