Brazil's Cielo beats profit estimates on revenue, expense controls
SAO PAULO Nov 5 (Reuters) - Cielo SA, Brazil's largest card payment processor, posted third-quarter net income that beat analyst estimates, as revenue rose at a faster pace than expenses and prepayment receivables came in stronger than expected.
The Barueri, Brazil-based firm earned 918.5 million reais ($242 million) in net income, compared with an average estimate of 909 million reais in a Reuters poll of eight analysts. Profit rose 1.2 percent from the prior three months, while 11.9 percent on an annual basis.
($1 = 3.7909 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Editing by Bernard Orr)
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