Cetip SAon May 5 posted a 12.0% rise in first-quarter profit as the market operator bookeda gain in its financial result and higher net service revenue.

Cetip, which agreed earlier in the year to with BM&FBOVESPA SA, showed a first-quarter profit of 135.2million Brazilian reais, up from 120.8 million reais a year ago. The results cameas the company had a 38.2 million reais positive financial result, swinging froma 50.9 million reais loss a year earlier. Adjusted net income totaled 152.4 millionreais, down 0.2% from 152.6 million reais in the year-ago period.

Net services revenues grew 16.6% year over year to 311.1 millionreais, as gross revenue from its securities unit jumped 25.8% to 277.6 million reaisfor the quarter. Gross revenue from its financing unit, meanwhile, dropped 3.0%year over year to 101.7 million reais from 104.8 million reais.

Operational expenses at the company totaled 118.8 million reais,15.9% higher than the 102.5 million reais a year earlier.

Cetip said it performed about 85.7 million transactions in thequarter, up 62.1% from 52.9 million transactions a year earlier. Total transactionrevenues grew 14.4% over the year to 40.9 million reais, from 35.8 million reaispreviously.

Cetip added that it approved on March 15 a payment of intereston shareholder's equity for the first quarter in the amount of 21.9 million reais,or 8.43 centavos per share, to be paid June 8. It also approved on May 4 a distributionof 93.1 million reais, or 35.81 centavos per share, in intermediary dividends tobe paid July 8.

Additionally, Cetip approved on March 2 the company's third sharebuyback program, with an authorized limit of up to 3.2 million ordinary shares tobe repurchased, representing 1.23% of the company's total shares in the market.

As of May 5, US$1 was equivalentto 3.54 Brazilian reais.