MasterCard Inc., the credit-card association that plans to raise as much as $2.45 billion (U.S.) in an initial public offering of stock, says first-quarter profit rose 36 per cent.


Net income jumped to $126.7 million, or 94 cents a share, from $93.3 million, or 69 cents, a year earlier, MasterCard said yesterday in a Securities and Exchange Commission filing. The per-share numbers are stated as though the company were public.


Revenue rose 12 per cent to $738.5 million.


A change in the way merchant fees are calculated accounted for about 5 per cent of revenue growth in the quarter, the company estimated.



Source: Toronto Star


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