* Card-payment company profit rose 3.6 pct vs Q3
* Cielo profit rose 21 pct compared with Q4 2011
* EBITDA missed outlook as operating costs rose
RIO DE JANEIRO, Feb 6 Cielo SA,
Brazil's largest card-payment processor, posted fourth-quarter
net income largely met analysts' estimates as higher operational
costs and weaker financial results limited the impact of
The Barueri, Brazil-based company earned 610.3 million reais
($306.5 million) in the three months ending Dec. 31, 3.6 percent
more than in the previous quarter, according to a filing on the
Web site of the CVM, Brazil's securities regulator.
The result was less than 1 percent below the 615.4 million
real average profit estimate of nine analysts in a Reuters poll.
Cielo's profit was 21 percent higher than the 504.5 million
reais recorded in the year-earlier quarter.
Earnings before interest, taxes, depreciation and
amortization, a gauge of operational profitability known as
EBITDA, rose 5.6 percent to 826.2 million reais from the
EBITDA missed expectations as a 20.1 percent rise in net
sales to 1.61 million reais was partly absorbed by a 36.3
percent jump in operational expenses to 265 million reais.
The EBITDA estimate in the Reuters poll was 983.8 million
reais. Analysts in the poll expected net revenue of 1.69 billion
reais in the fourth quarter.
Compared with the fourth quarter of 2011, EBITDA rose 25