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Brazil's Cielo misses second-quarter profit estimates
July 29, 2014 / 10:08 PM / 3 years ago

Brazil's Cielo misses second-quarter profit estimates

SAO PAULO, July 29 (Reuters) - Cielo SA, Brazil’s largest card payment processor, missed second-quarter profit estimates as rising general, administrative and financial expenses offset robust volume growth and revenue from prepayments.

Net income at the Barueri, Brazil-based company fell to 797 million reais ($357.3 million) in the quarter, down 1.1 percent from the prior three months, according to a securities filing late on Tuesday. A Reuters poll of seven analysts estimated average profit of 807 million reais for the quarter.

$1 = 2.23 Brazilian reais Reporting by Guillermo Parra-Bernal and Aluísio Alves

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