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Cielo posts 13.8% increase in adjusted Q1 profit

Brazilian credit and debit card operator posted a 13.8% year-over-yearrise in adjusted net income for the first quarter of 2016, at 1.06 billionBrazilian reais, as the company saw sharply higher net operating revenue.

The company showed net income of 995.4 million reais for thefirst quarter, up 9.2% from 911.8 million reais earned a year earlier;operating income rose 31.8% from the prior-year period to 163.92 million reais.

Cielo posted an 18.6% increase in EBITDA, reaching 1.4billion reais, as net operating revenues rose 29.6% to 3.0 billion reais.Transactional financial volume totaled 139.5 billion reais, down 9.8% from theprior quarter but up 10.2% from a year ago. Financial income rose 3.4% yearover year to 341.3 million reais.

As of May 2, US$1 wasequivalent to about 3.50 Brazilian reais.