Vivo reports Q1 profits on strong subscriber growth

1 May 2008

Brazil’s leading mobile operator by subscribers Vivo Participacoes reported first-quarter net profits of BRL89.6 million (USD52.5 million) in the three months ended 31 March, reversing a loss of BRL19.3 million a year earlier, as it signed up more customers. Revenues were up 17% year-on-year at BRL3.3 billion in a period in which the cellco added 839,000 net new mobile customers to end March with 34.3 million. Vivo, a joint venture of Telefonica and Portugal Telecom, had a 27.3% market share at the start of April according to data published by the telecoms regulator Anatel.