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PagSeguro Digital's Q2 profit rises 41.8% on higher transaction revenues

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PagSeguro Digital's Q2 profit rises 41.8% on higher transaction revenues

PagSeguro Digital Ltd.'s second-quarter profit shot 41.8% higher from a year ago as an increase in transaction revenues more than offset a decline in point-of-sale device sales.

The Brazilian card processing company booked net income of about 322.8 million reais in the three-month period, up from 227.6 million reais a year ago. Basic earnings per common share increased to 1.01 reais from 74 centavos in the prior-year period.

Total revenue and income jumped 38.7% annually to reach 1.39 billion reais. Net revenue from transaction activities and other services rose 55.1% yearly to 798.9 million reais, offsetting a 29.0% decline in net revenue from sales, which settled at 63.5 million reais. Financial income climbed 49.5% year over year to 497.2 million reais.

The company's net margin hit 23.2% in the second quarter, compared to 22.7% a year earlier.

Cost of sales and services increased 41.8% year over year to 684.4 million reais, while selling expenses rose 39.5% to 131.7 million reais.

Administrative expenses were almost flat annually at 109.9 million reais, while financial expenses declined 21.4% to 2.2 million reais.

As of Aug. 14, US$1 was equivalent to 4.01 Brazilian reais.