* Cetip's profit at 80.1 mln reais beats poll estimate
* BM&FBovespa profit jumps in spite of revenue decline
* Results highlight resilience amid difficult markets
SAO PAULO, May 9 Exchange and clearinghouse
companies in Brazil posted mixed first-quarter results on
Thursday as their efforts to contain expenses helped reverse the
effects of shaky equity, debt and credit markets.
Companies in the so-called market structure industry saw
weak trading and registration volumes in some segments,
sharpened their focus on efficiency, and fought to keep pricing
stable in the quarter. Expense reductions were for the fifth
straight quarter the defining element behind profits.
Profit at BM&FBovespa SA, the nation's sole
listed bourse, rose 22.9 percent in the quarter after two
straight drops, while net income at clearinghouse Cetip SA
Mercados Organizados rose 3.5 percent thanks to a
surprising increase in revenue at its financing unit and stable
BM&FBovespa booked net income of 267 million reais ($133
million), compared with the 278 million reais estimated by five
analysts in a Thomson Reuters poll. Compared with a year
earlier, profit slipped 4.8 percent.
In the case of Cetip, profit came in at 80.1 million reais,
above the 72.2 million reais expected by on average by six
analysts polled by Thomson Reuters. Compared with the same
quarter a year earlier, profit climbed 12 percent.
The performance of BM&FBovespa and Cetip highlight the
reality of Brazilian financial markets, which are grappling with
dwindling confidence, rising inflation and low growth despite
interest rates nearing record lows. Brazil's Bovespa stock index
is the worst performer among major markets this year.
According to Francisco Carlos Gomes, acting chief executive
of Cetip, the earnings beat "demonstrated our ability to perform
well even in the midst of tough market conditions ... we proved
BM&FBovespa handles all of the country's equities and
derivatives trading and is the main beneficiary of stock listing
activity. Cetip books 97 percent of local bond deals and sells
liens on car loans - a gauge of how well domestic credit markets