MasterCard 1Q profit falls

NEW YORK: MasterCard says its first-quarter profit fell 18 percent from a year-ago period that included a gain on the sale of an investment. But the latest earnings are still above Wall Street expectations.

The payment card company said Friday it earned $367.3 million, or $2.80 per share, the the first quarter. That's down from $446.9 million, or $3.37 per share, a year ago when it had a $173 million gain from the sale of a portion of its investment in Redecard SA.

But the latest results are still above analysts' average forcast of $2.61 per share.

The Purchase, N.Y.-based company says net revenue fell 2 percent to $1.2 billion. But it says total transactions processed increased 6 percent in the quarter.