By Jeffrey T. Lewis
SÃO PAULO–Totvs’s shares rose 6.8% after the Brazilian business technology and services company reported net income almost tripled in the third quarter from a year earlier.
Shares reached 30.64 reais, the equivalent of $6.28, and were up 3.9% from the end of last year through Tuesday’s close. Brazil’s benchmark Ibovespa stocks index was up 0.4% in late-morning trading.
Totvs said revenue rose 18% in the quarter, with sales at its business performance unit jumping 39% in the period. Net income soared to BRL435 million from BRL156 million.
The company has provided solid results quarter after quarter, and Totvs shares offer investors growth and defensiveness, said BTG Pactual analysts in a research note. BTG gives Totvs a buy rating.
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