Brazilian stock exchange and futures market operator BM&F Bovespa registered net profit of 191.1m Brazilian reais ($111.1m) in the fourth quarter, down 27% from a year earlier, the company said Tuesday.

Higher expenses and taxes caused the drop in profitability, BM&F Bovespa said. The company's tax bill rose 67% to BRL184m, while the expenses rose 55% from the fourth quarter of 2010 to BRL291.6m.