Net Servicos' Q1 net income up 132% y-o-y

Brazil’s largest cable company Net Servicos de Comunicacao (Net) has reported a 132% increase in first-quarter net profit on net revenues that climbed 24% to BRL1.564 billion (USD988 million) from BRL1.261 billion previously. The pay-TV (NET), broadband (NET Virtua) and IP telephony (NET Fone) operator recorded profits of BRL106.5 million in the period under review, up from BRL45.9 million in 1Q10. Earnings before interest, tax, depreciation and amortisation (EBITDA) was BRL451.5 million in 1Q11, versus BRL369.2 million in 1Q10; EBITDA margin was 28.9%, a point four of a percentage point drop on 29.3% in 1Q10.