Brazilian stock exchange operator B3 S.A. – Brasil Bolsa Balcão posted recurring net income of 635.8 million Brazilian reais in the fourth quarter of 2017, 5.6% lower than the 673.5 million reais in the same period in 2016.
The company's financial result was at a loss of 25.2 million reais in the quarter, compared to a gain of 196.6 million reais in the year-ago period. The operator noted it had a higher cash position in the fourth quarter of 2016 compared to the same quarter of 2017, considering proceeds from the sale of shares in CME Group Inc.
As a result of the lower cash position, financial income sharply declined 71.4% to 106.7 million reais in the fourth quarter. On the other hand, financial expenses were also down 25.1% yearly to 132.0 million reais.
Meanwhile, expenses jumped 34.3% yearly to 589.4 million reais, from 438.9 million reais. The exchange operator saw amortization of intangible assets amounting to 187.2 million reais, arising from the acquisition of Cetip SA – Mercados Organizados. Had this been excluded, total expenses would have fallen 8.3% year over year to 402.2 million reais for the fourth quarter.
Adjusted recurring net income for full year 2017 was slightly down at 2.86 billion reais, compared with 2.92 billion reais for 2016.
As of March 1, US$1 was equivalent to 3.25 Brazilian reais.
