SAO PAULO, May 13 (Reuters) - Brazilian healthcare

operator Hapvida on Monday posted a first-quarter

adjusted net profit of 506.8 million reais ($98.3 million), up

from 33.1 million reais a year earlier, as price hikes offset a

lower customer base.

Analysts polled by LSEG expected a 287.2 million reais

adjusted net profit for the period.

Net revenue rose 3.9% to 6.99 billion reais, mainly due to

price hikes in the company's healthcare and dental plans,

offseting a decline in the total number of customers.

The firm's cash medical loss ratio, an indicator closely

watched by investors, fell 4.3 percentage points from a year

earlier to 68%. The ratio was down 1.3 percentage points from

the fourth quarter.

The company said the improved cash medical loss ratio

reflected factors including a lower utilization of medical

procedures, price hikes and higher efficiency from the

integration of its hospitals, clinics and health plan

operations.

However, it said dengue cases have driven utilization rates

higher in clinics and hospitals as of March, especially at those

owned by other companies, which report their results to Hapvida

with a delay of a few months.

Hapvida's adjusted earnings before interest, taxes,

depreciation and amortization (EBITDA) stood at 1.01 billion

reais, up almost 60% year-on-year, and above analysts estimate

of 874.6 million reais.

EBITDA margins rose to 14.5% from 9.4% in the period.

Hapvida said that the adjusted EBITDA and the EBITDA margins

were their highest since the merger with NotreDame in early

2022.

Financial expenses were 40.4% lower, also boosting the

bottom line in the quarter.

($1 = 5.1570 reais)