© Reuters. B3 09/03/2021 REUTERS/Amanda Perobelli
SAO PAULO (Reuters) – B3 (BVMF:) posted a slight profit drop in the fourth quarter, as higher operating and financial expenses more than offset revenue growth.
The market infrastructure operator announced this Wednesday that its recurring net profit from October to December amounted to 1.17 billion reais, down 4.9% compared to the same stage in 2021. The number also came below the average forecast of analysts consulted by Refinitiv, of 1.278 billion reais.
In the earnings report, the company explained that the drop reflected higher expenses, especially with personnel and technology. In fact, B3’s adjusted expenses in the quarter, of 514.2 million reais, were 35% higher than a year earlier.
However, profit was also pressured by the 33.2% increase in financial expenses, to 396.7 million reais, “mainly explained by the increase in interest rates”.
Thus, the operating result measured by recurring earnings before taxes, interest, amortization and depreciation (Ebitda) from October to December was 1.645 billion reais, an amount 0.7% lower than a year earlier. The Ebitda margin fell 3.2 percentage points year-on-year to 72.9%.
The average forecast of analysts for Ebitda was 1.77 billion reais, according to Refinitiv.
B3’s net revenue in the quarter totaled 2.3 billion reais, up 5.9% year-on-year, with emphasis on the over-the-counter and technology, data and services segments. The listed equity segment was down 0.2%.
(By Aluísio Alves)