Brazilian cable TV operator Vivax reported net profits of BRL78.8 million (USD37.6 million) in 2006, more than double the BRL38.7 million profits posted in 2005, the company said in a statement. The operator’s gross revenues rose from BRL314 million to BRL375 million in the year, driven by strong subscriber uptake. At the end of 2006 Vivax had 328,297 pay-TV customers, up 11.7% year-on-year, while high speed internet accounts soared 62% to 134,750. EBITDA climbed 21.3% to BRL126 million, from BRL103 million previously. The EBITDA margin was up one percentage point to 39%.
Vivax is now a 36.7%-owned subsidiary of Brazil’s largest pay-TV operator Net Serviços, which invested in the company at the end of 2006, buying shares owned by Horizon Telecom International. Vivax says it expects Net Serviços to take control of the company by mid-2007.