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Brazil BM&F Bovespa posts Q1 profit of 227 mln reais

Tue May 12, 2009 10:36pm EDT

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SAO PAULO, May 12 (Reuters) - Brazilian financial and commodities exchange BM&F Bovespa (BVMF3.SA) said on Tuesday its first-quarter profit slipped from a year earlier.

Brazil

Net income totaled 227 million reais ($109 million), slightly down from a pro-forma profit of 230 million in the first quarter of 2008, the company said in a statement.

Net operating revenue fell to 316.5 million reais, down 20 percent from 396 million reais a year earlier.

Trading of commodities, interest rate futures and other derivatives dropped 16 percent, reflecting a process of financial deleveraging, the company said.

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to 176.7 million reais from 271.2 million reais in the first quarter of 2008. (Reporting by Inae Riveras and Eduardo Simoes; Editing by Muralikumar Anantharaman)

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