Cielo down 7% Q1 profit with base reduction
By Aluisio AlvesSÃO PAULO (Reuters) - In the first quarter Cielo saw another round of declining profitability, reflecting growing competition in the money market ...
By Aluisio AlvesSAO PAULO (Reuters) - In the first quarter, Cielo saw another round of falling profitability, reflecting growing competition in the payment market and the effects of falling interest rates on prepayment of receivables.The largest electronic payment company in the country reported on Wednesday that it had adjusted net income of 932 million reais in the period, down 7 percent compared to the same stage of 2017. Net income, a reference to remunerate shareholders, added 1.06 billion reais, an increase of 1.1 percent year over year, but influenced by the extraordinary effect.The financial volume paid by debit and credit cards through Cielo's terminals rose 5.6 percent to 152.7 billion reais, reflecting the slow recovery in the economy.However, Cielo's tactic of focusing on large customers and clearing the base by disabling terminals with little or no use left its consequences.At the end of March, Cielo's installed payment terminal base was 1,594 million devices,...
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