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Brazil's Cielo misses earnings estimates on rising expenses
January 28, 2014 / 10:07 PM / 4 years ago

Brazil's Cielo misses earnings estimates on rising expenses

SAO PAULO, Jan 28 (Reuters) - Cielo SA, Brazil’s largest card payment processor, missed earnings estimates in the fourth quarter as rising expenses offset the impact of a surge in transaction volumes.

Net income at the Barueri, Brazil-based company, without taking into account minority interests, rose 4.5 percent to 720.7 million reais ($297 million) in a quarter-on-quarter basis, according to a securities filing on Tuesday.

A Thomson Reuters poll of five analysts expected profit of 737 million reais for the last three months of 2013.

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