Brazil's Cielo 2Q Profit up 29.6% at BRL549 Million
07/26/2012| 06:09am US/Eastern
By Rogerio Jelmayer
SAO PAULO--Brazilian credit-card network company Cielo SA (>> Cielo SA) late Wednesday reported a 29.6% increase in second-quarter profit thanks to increased credit- and debit-card transactions.
Profit increased to 549 million Brazilian reais ($270 million) from BRL423.6 million a year earlier, the company said in a statement.
Revenue totaled BRL1.26 billion, up 28.3% from BRL983.1 million.
Earnings before interest, taxes, depreciation and amortization were up to BRL705.1 million from BRL584.1 million.
Cielo is controlled by state-run Banco do Brasil SA (>> Banco do Brasil SA) and Banco Bradesco SA (>> Banco Bradesco SA).
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