Net Serviços posts Q2 profit growth of 121% to US$80.1mn

- Thursday, July 21, 2011

Net Serviços posts Q2 profit growth of 121% to US$80.1mn

Brazil's largest pay-TV carrier, Net Serviços de Comunicação, saw second quarter net profits of 125mn reais (US$80.1mn), up 121% on year-ago earnings of 56.5mn reais, the company said in a report.

Second quarter net revenue grew 24% to 1.63bn reais, and Ebitda rose 24% to 465mn reais. The company's Ebitda margin remained unchanged at 28.6%.

Net attributed the results mainly to the expansion of its subscriber base.

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The company's net debt increased 5.2% year-over-year to 1.27bn reais.

Follow this link for the full financial statement.