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Brazil’s Cielo Q2 net profit doubles, beating forecasts & More Breaking News

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Written by enews

The company logo for Cielo is displayed on a screen on the floor of Brazil’s B3 Stock Exchange in Sao Paulo, Brazil, July 25, 2019. REUTERS/Amanda Perobelli

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Aug 2 (Reuters) – Brazilian payment processor Cielo SA (CIEL3.SA) said on Tuesday its second-quarter net profit more than doubled, beating analysts’ forecasts.

The company, controlled by lenders Bradesco (BBDC4.SA) and Banco do Brasil (BBAS3.SA), posted net income of 635.3 million reais ($120.38 million), well above the 285.9 million reais expected by analysts in a forecast compiled by Refinitiv.

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Reporting by Carolina Pulice and Peter Frontini; Editing by Christian Plumb

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