Itaú technology company sees profits grow

The firm owned by one of the largest banks in Brazil sees a positive third quarter ahead of the end of its operations
Written by Angelica Mari, Contributing Writer

The technology company belonging to Brazilian banking giant Itaú has managed to become profitable again just as it gets ready to terminate its operations.

For the third quarter or 2016, Itautec has reported net profit of R$2.8m ($867,000), following losses of R$3.1m ($960,000) seen in the same quarter a year ago. However, income has dropped 74,4 percent to R$1.8m ($557,000) during the period.

Founded in 1979, Itautec was active across the consumer electronics, banking and retail automation segments and at one point had the tenth largest base of ATMs in the world, and the second in Latin America.

For many years Itautec was one of the largest PC manufacturers in Brazil had subsidiaries in Argentina, Spain, United States, Mexico and Portugal.

The majority of the company was sold in 2013 to Japanese manufacturer Oki, the computing division was terminated and Itautec became essentially a technical support business.

The Brazilian company has indicated that it might sell the remainder of the business by 2020.

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