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Cielo Profit Beats Estimates as Card Transactions Climb

Cielo SA, Brazil’s biggest payments processor, posted third-quarter profit that beat analysts’ estimates as credit- and debit-card transactions expanded 20 percent.

Net income advanced 29 percent to 588.9 million reais ($290.5 million) from 457.6 million reais a year earlier, the Barueri, Brazil-based company said in a regulatory filing yesterday after the market closed. Profit excluding some items was 590.7 million reais, exceeding the average estimate of 584 million reais among 12 analysts in a Bloomberg survey.

Credit- and debit-card volume climbed to 95.7 billion reais from 79.8 billion reais a year earlier, Cielo said in the statement. Operating expenses were 194.5 million reais, a 22 percent increase.

“Cielo reported strong third-quarter results, boosted by the continuation of the significant growth in financial volumes,” Raymond James analysts including Federico Rey-Marino wrote in a note to clients. “The growth in financial volumes slightly decelerated compared with the previous quarters, as, in our opinion, Cielo has concentrated more on retaining margins.”

Cielo rose 3 percent to 46.20 reais at 5:10 p.m. in Sao Paulo, while the Bovespa benchmark index fell 0.9 percent.

Redecard SA, the nation’s second-biggest bank-card processor, stopped trading in Sao Paulo on Oct. 17 after it was acquired by Itau Unibanco Holding SA.

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