Brazil's Cetip beats profit estimates on revenue, tax credits
SAO PAULO Nov 5 (Reuters) - Net income at Cetip SA Mercados Organizados, Latin America's largest securities clearinghouse, beat estimates in the third quarter as robust revenue growth and hefty tax credits offset higher expenses in the loan liens unit.
São Paulo-based Cetip earned 130 million reais ($34.3 million) in profit last quarter, compared with 123 million reais estimated in a Reuters poll of seven analysts. Profit climbed 9.7 percent on a quarterly basis and soared 20 percent from a year earlier, according to a securities filing on Thursday.
($1 = 3.7909 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Editing by Ken Wills)
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