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Cielo's Q4'16 profit rises 18.6% YOY

Cielo SA saw its fourth-quarter 2016 profit rise 18.6% annually as the Brazilian credit and debit card operator's cost of services rendered declined and its financial income increased.

The São Paulo-based firm reported about 1.01 billion Brazilian reais in net income attributed to the company's owners, up from 852.7 million reais in the fourth quarter of 2015.

Financial income jumped 30.3% year over year to 387.6 million reais from 297.5 million reais, while costs of services rendered fell 2.5% to about 1.29 billion reais.

The company noted that the financial volume of transactions at Cielo Brasil totaled 159.3 billion reais in the 2016 fourth quarter, up 3.1% from a year earlier and 11.0% higher compared to the linked quarter. For the full-year 2016, the financial transactions volume at Cielo Brasil totaled 584.9 billion reais, up 6.7% from 2015.

EBITDA ticked 5.0% higher year over year to about 1.40 billion reais,

Cielo's full-year 2016 profit totaled 4.01 billion reais, up 14.1% from 3.51 billion reais in 2015.

The company also declared dividends of 376.9 million reais, or 16.68 centavos per share, to be paid March 31 to shareholders of record as of March 15.

The company said it expects financial volume at Cielo Brasil to grow between 4% and 6% in 2017, while total costs and expenses are projected to rise in the same range.

As of Jan. 30, US$1 was equivalent to 3.12 Brazilian reais.