Brazil's Vivo Participacoes has reported a first quarter profit of R$191.9 million (US$109.6 million), up by 44.3% from the same quarter a year ago. Revenues also rose from R$4 billion to R$4.23 billion (US$2.4 billion), while the subscriber base rose by 18.2% to 54 million.
Vivo Participacoes is a joint venture between Portugal Telecom and Telefonica.
In 1Q10 Vivo managed to attract 2,205 thousand new customers, 33% in the post paid segment. The share of net additions reached 42.8%.
Sustained growth in data and VAS revenue, increased 51.8% and 7.3% in the comparison with 1Q09 and 4Q09, respectively, representing 17.5% of the net service revenue in the quarter. Internet revenue grew by 119.8% in relation to 1Q09.
EBITDA margin in the quarter of 30.1%, remaining stable in percentage terms over 1Q09. EBITDA reached R$ 1,273.7 million in the quarter, a growth of 3.8% in comparison with 1Q09.
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