Ideiasnet turns US$4.8mn Q4 profit

- Thursday, March 31, 2011

Ideiasnet turns US$4.8mn Q4 profit

Brazilian IT and internet holding company Ideiasnet turned a profit in 4Q10 of 7.8mn reais (US$4.8mn), versus a net loss of 6.1mn reais in 4Q09, the company announced.

Consolidated revenues for the quarter reached 298mn reais, up 28% year-on-year, while Ebitda surged 273% to 19.1mn reais.

At the end of last year, Ideiasnet finalized the sale of its 54.8% stake in NetMovies Entretenimento to US investment management firm Tiger Global Management for 11.1mn reais. NetMovies leads the Brazilian market in DVD rentals through the internet, and also offers a video streaming service.

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Ideiasnet is a publicly held venture capital company with investments focused on companies in the sectors of technology, media and telecommunications in Brazil and the rest of Latin America.

Use this link to see the full financial tables, in Portuguese.