Positivo Climbs to One-Month High on Earnings: Sao Paulo Mover
Positivo Informatica SA (POSI3), Brazil’s biggest computer maker, rose to a one-month high after it reported a profit in the first quarter, compared with a loss a year earlier.
The company reported net income of 9.8 million reais ($5 million) in the first quarter after posting a loss of 33.7 million reais in the first three months of 2011, according to a regulatory filing yesterday after markets closed. Operating expenses fell 12 percent to 107.2 million reais while net sales increased 8.6 percent to 457.9 million reais.
Positivo “appears to be returning to more normalized profitability levels, and continues to benefit from the efforts to improve its operating efficiency,” Raymond James & Associates Inc. analysts Luca Cipiccia and Daniela Bretthauer in Sao Paulo wrote in a note to clients.
Raymond James forecast the computer maker would report net income of 1 million reais.
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