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Adds explanation for lower profit, details on income, background
SAO PAULO, March 20 (Reuters) – Brazilian holding company Itausa SA ITSA4.SA reported on Monday that its fourth-quarter recurring profit slid 18.7%, the firm announced in a filing, hit by higher costs and lower income from its non-financial assets.
Itausa, which controls Brazil’s largest private lender, Itau Unibanco Holding SA ITUB4.SA, posted recurring net income, which excludes one-off earnings, of 3.36 billion reais ($641.6 million) during the October-to-December period.
Itausa’s recurrent income from its non-financial sector investments including shoemaker Alpargatas ALPA4.SA and wood panels manufacturer Dexco SA DXCO3.SA, dropped 82% to 156 million reais.
The non-financial investments represent a small portion of the company’s overall asset portfolio.
Profits from Itausa’s financial sector assets, meanwhile, which also include U.S.-listed brokerage XP Inc XP.O, rose 4% from the previous year to reach 2.84 billion reais.
($1 = 5.2368 reais)
(Reporting by Carolina Pulice and Andre Romani; Editing by David Alire Garcia)
((Carolina.Pulice@thomsonreuters.com;))
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