Brazil's Cetip misses profit estimates as expenses climb

SAO PAULO Thu Aug 7, 2014 7:22pm EDT

SAO PAULO Aug 7 (Reuters) - Net income at Cetip SA Mercados Organizados, Brazil's largest securities clearinghouse, missed estimates for the second quarter after expenses rose faster than expected.

Profit at the Sao Paulo-based company reached 99.5 million reais ($43.3 million) in the quarter, up 9.1 percent from a year earlier but down 0.5 percent on a quarterly basis. A Reuters poll of five analysts predicted net income of 106 million reais in the quarter.

Earnings before interest, tax, depreciation and amortization, a gauge of operational profits known as EBITDA, was 172 million reais, above the poll's estimate of 168 million reais.

($1 = 2.30 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Editing by Ken Wills)

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