Global payment service provider MasterCard swung into black with $349 million in the second quarter of 2009.
The company had a loss of $746 million in the corresponding period a year ago, MasterCard said in a statement today.
Net revenue for the latest quarter stood at $1.3 billion, a 2.7 per cent increase over the same quarter last year.
The company noted that the higher net revenue in the second quarter was on account of pricing changes, a 7.9 per cent growth in the number of transactions processed to 5.6 billion and 5.8 per cent decrease in rebates and incentives.
"We are very pleased with our second-quarter financial performance and are adapting well to the challenging economic environment.
"The thoughtful actions we have taken to realign our resources and priorities to match customer and local market needs, as well as our sharp focus on expense management, have enabled us to deliver strong operating margin and net income improvements," MasterCard President and Chief Executive Officer Robert W Selander said.
