Positivo Tumbles as Net Income Trails Estimates: Sao Paulo Mover
Shares fell 5.4 percent to 5.30 reais at the close of trading in Sao Paulo, the steepest one-day decline since Sept. 5. It was the worst performer on the Bovespa Small Cap index, which lost 0.2 percent.
Adjusted net income increased to 5.5 million reais ($2.7 million) in the three months through September from 4.9 million reais a year earlier, according to data compiled by Bloomberg.
Profit was below Bradesco BBI’s forecast of 11.8 million reais because of lower retail sales, “which might be a combination of economic slowdown and purchases put off due to the launch of Windows 8,” Luis Azevedo and Tales Freire, analysts at the investment bank, wrote in a report dated today. Positivo’s third-quarter retail sales slipped 1.9 percent to 374.2 million reais, according to a regulatory filing.
Brazil’s economy will probably grow 1.5 percent in 2012, according to the average estimate of 30 analysts surveyed by Bloomberg, down from 2.8 percent in 2011. Microsoft Corp. released the latest version of its Windows operating system software on Oct. 25.
Positivo has lost 30 percent from this year’s high on March 15 to today’s close, while the Bovespa Small Cap (SMLLBV) index gained 0.5 percent during the same period.
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