Brazil's BM&FBovespa net falls as expenses rise, revenue slips
SAO PAULO Feb 19 (Reuters) - BM&FBovespa SA, Brazil's sole financial bourse, reported lower fourth-quarter net income after expenses surged and revenue from derivatives and equities trading came in below expectations.
Net income at the São Paulo-based company fell 22 percent on a quarter-on-quarter basis to 217.18 million reais ($111 million), well below the 255.6 million reais estimated in a Thomson Reuters poll of five analysts.
The company said in a securities filing that it estimates capital expenditures between 260 million reais and 290 million reais for 2013, and between 170 million reais and 200 million reais for 2014. Guidance for operational expenses this year was reiterated at 560 million reais to 580 million reais - the same range as last year.
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