Cielo profit R $ 640 million in the first quarter, 13%

The card merchant acquirer and Cielo recorded net income of r $ 640,9 million in the first quarter, a 13.1% compared to the same period of the previous year. The figure was higher than the previous five analysts who projected net profit of R $ 611,8 million in the period, as it was found the value.
The company's net operating revenue was r $ 1.5 billion, an increase of 28.4% compared to last year. The Ebitda margin was 56.5%, reduction of 7.3 percentage points compared to the first quarter of last year.
The advance of the profit of the Cielo in the first quarter was above the "guidance" given by the company to the net profit or loss for the year. In previous disclosure of results, the company said that its net profit would grow between 7% and 10% in the year, compared with an expansion of 27.9% in the previous year.
By accounting criterion, the financial volume of Cielo advanced 12.2% in the quarter compared to the same range of 2012, to $ 98.8 billion. Already in the market, the volume was r $ 97.6 billion, a growth of 11.6 percent on the same comparison.
Cielo market loses
In the first quarter, the Cielo lost again to the main market competitor, the Redecard. While the financial volume of Cielo advanced 11.6% in the first three months of the year (to $ 97.6 billion), the volume captured by rival Redecard grew up in the same comparison, 18.13% to R $ 73,95 billion.
Analysts have expected the Cielo market in the quarter, lost enhanced perception including directors of the company. "We believe that the Cielo will lose about 7.5% market share in accumulated financial volume in 2013-2015," wrote Citi analysts, in a report.
Santander, which owns about 5% of the market of accreditation, captured $ 8.5 billion in financial volumes transacted in the first quarter. The figure represents an increase of 95% over the same period last year.
The installed base of POS (Point of Sales) of Cielo also grew less than the Redecard. The Cielo ended the first three months of the year with a 1.73 million equipment base, 14% compared with the same period last year. Already the Redecard closed the period with 1.47 million machines, 17.04%.