Brazil's Cielo beats estimates by large margin on costs, pre-payments
SAO PAULO May 2 (Reuters) - Cielo SA beat first-quarter profit estimates on Monday, reflecting management efforts to curb expenses and boost receivables prepayment income even as the harshest recession in decades dragged down volumes for Brazil's No. 1 card payment processor.
In a securities filing, Baruari, Brazil-based Cielo said net income totaled 1.038 billion reais ($297 million) last quarter, up 15.5 percent from the previous three months. The figure was way above the average consensus estimate of 915 million reais compiled by Thomson Reuters.
($1 = 3.4978 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Editing by Bernard Orr)
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