January 29, 2019 / 11:44 AM / 6 months ago

Brazil's Cielo aims for 2019 profit of $612 million-$691 million

SAO PAULO, Jan 29 (Reuters) - Brazilian card processor Cielo SA is targeting profit of between 2.3 billion reais and 2.6 billion reais ($612 million to $691 million) this year, down from 3.3 billion reais in 2018, the company said in a securities filing on Tuesday.

Chief Executive Officer Paulo Caffarelli said in a conference call with journalists that currently the card processor would rather grow its market share than seek profitability. He added that profit is only likely to start growing in 2020.

$1 = 3.7603 reais Reporting by Carolina Mandl; editing by David Evans

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