SAO PAULO May 12 B3 Bolsa Balcão Brasil SA,
Brazil's largest exchange operator, posted a 56 percent drop in
quarterly net income on Friday due to the costs of a merger
creating the company out of rivals BM&FBovespa SA and Cetip SA
Net profit fell from a year earlier to 209 million reais,
far below a Thomson Reuters consensus of 504 million reais.
Excluding one-time effects related to the merger, profit rose 10
percent to 524 million reais.
The newly formed exchange operator aims to invest 250
million-280 million reais and spend 1.05 billion-1.10 billion
reais on operating expenses this year, the company said in its
The company also forecast depreciation and amortization of
790 million -840 million reais and merger expenses of around 420
million reais this year - most of which fell in the first
Revenue grew 7 percent in the quarter from a year ago to
1.044 billion reais due to growth in all segments except for
BM&F, which deals with financial and agricultural derivatives.
($1 = 3.1222 reais)
(Reporting by Brad Haynes; Editing by Cynthia Osterman)