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Brazil's B3 raises 2019 expenses forecast following 2 deal completions

B3 SA - Brasil Bolsa Balcão raised its guidance for adjusted expenses in 2019 due to two acquisitions it completed earlier in the year.

The Brazilian stock exchange operator said it now expects adjusted expenses to reach between 1.06 billion reais and 1.11 billion reais, up from a previous forecast range of 1.03 billion reais to 1.08 billion reais.

The revision follows B3 acquiring 100% of Portal de Documentos SA, a provider of digital solutions for banks, in June and buying a 75% stake in technology company BLK Sistemas Financeiros Ltda. in March.

B3 booked net income of 654.6 million reais in the second quarter, down 9.7% from 725.2 million reais in the year-ago period. The result came as expenses jumped 27.8% annually to 679.5 million reais.

As of Aug. 8, US$1 was equivalent to 3.93 Brazilian reais.