×

UPDATE 1-Brazil's B3 misses profit estimates on higher expenses

(Adds expenses, revenue details)

SAO PAULO, March 1 (Reuters) - Brazil's financial exchange operator B3 SA Brasil Bolsa Balcão missed fourth-quarter profit estimates on Thursday as expenses increased and offset higher revenues from equities and derivatives.

São Paulo-based B3's recurring net income totaled 635.8 million reais ($195.56 million) in the quarter, 12 percent below the consensus estimate of 721.8 million reais compiled by Thomson Reuters. The company's profit also fell 5.6 percent from one year earlier.

B3 posted total expenses of 589.4 million reais, up 34.3 percent from one year earlier due to its takeover of rival clearing house Cetip in March.

The company's revenues grew by 8 percent to 1.033 billion reais, as equities and derivatives trading volumes increased from a year earlier.

($1 = 3.2511 Brazilian reais) (Reporting by Carolina Mandl Editing by Chris Reese)