I think it's the turning point, because CIEL's MDR rose and RDCD's costs/expenses decreased.
CIEL's biggest impact in operating expenses was marketing/advertising.
3T11 x 2T11 RDCD x CIEL
Credit card volume growth: 2,8% x 7,6%
Debit card volume growth: 9,7% x 5,8%
Total transactions volume growth: 5% x 6,9%
Net income + financial income growth: 3,6% x 8,2%
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MDR credit 1,14 x 1,18
MDR debit 0,73 x 0,77
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MDR credit change: -0,01 x +0,01
MDR debit change: -0,01 x +0,03
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Costs of services change: -2,7% x +6,8%
Operationg expenses change: -2,7% x +39,1%
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Operating margin: 56,1% x 55,6%
Net margin: 37,3% x 37,9%
Earnings growth: 6,5% x 8,0%
--------------------------------
EBITDA margin change: +2,6pp x -2,8pp
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number of POS change: -4,1% x +3,8%
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cost per transaction: 0,3493 x 0,313
Efeitos no Brasil do cenário financeiro nos EUA
3 weeks ago
1 comments:
I agree. I think that from here now on, volume will play its role. That is, increase in volume will reflect in earnings.
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