Cielo SA (CIEL3), Brazil’s biggest payments processor, said first-quarter profit rose 13 percent as consumer card spending increased.
Net income advanced to 640.9 million reais ($319 million), or 98 centavos a share, from 566.6 million reais, or 87 centavos, a year earlier, the Barueri, Brazil-based company said yesterday in a regulatory filing. The average estimate of nine analysts in a Bloomberg survey was for adjusted net income of 610.6 million reais.
Cielo, led by Chief Executive Officer Romulo de Mello Dias, 51, boosted revenue after acquiring Merchant e-Solutions in July for $670 million to expand in the U.S. Net operating revenue climbed to 1.55 billion reais from 1.2 billion reais a year earlier, according to the statement.
Transaction volume climbed to 98.8 billion reais from about 88.1 billion reais a year earlier, according to the filing.
Cielo has climbed 14 percent this year in Sao Paulo, compared with a decline of 9.2 percent for the benchmark Ibovespa index.
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