January 28, 2020 / 11:21 AM / a month ago

Brazil's Cielo profit falls sharply on more competition

SAO PAULO, Jan 28 (Reuters) - Brazil’s largest card processing firm Cielo said net profit dropped 68% to 242.4 million reais ($58 million) in the fourth quarter of 2019 as a result of increased competition in the industry, according to a securities filing late on Monday.

The company’s operating profit, or earnings before taxes, interest, depreciation and amortization (EBITDA) was 680.3 million reais, an almost 38% drop from the same quarter the year before, while EBITDA margins fell to 22.9% from 36.3%, the company said. ($1 = 4.1826 reais) (Reporting by Ana Mano, editing by Louise Heavens)

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