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Profit at Brazil's Itaúsa rises 11.4 percent in fourth quarter
February 19, 2014 / 12:31 PM / 4 years ago

Profit at Brazil's Itaúsa rises 11.4 percent in fourth quarter

SAO PAULO, Feb 19 (Reuters) - Itaúsa Investimentos SA , a Brazilian industrial and financial investment holding company, posted fourth-quarter net income of 1.818 billion reais ($757 million), up 11.4 percent from the previous three months, according to a securities filing on Wednesday.

The increase was about 60 percent on a year-on-year basis, according to the filing, which noted that nonrecurring charges lowered net income by about 67 million reais.

Itaúsa is the holding company that controls the majority of shares in Itaú Unibanco Holding SA, Latin America’s largest bank by market value. Itaúsa’s stake in Itaú was valued at 57.9 billion reais at the end of last year.

According to the company, a comparison of its market value with the combined value of its stakes in Itaú, Duratex SA , Elekeiroz SA, Itautec SA and other assets shows shares of Itaúsa are trading at a discount of 21.2 percent, the widest since at least the end of 2009.

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