Totvs' profits grow 20.3% to US$22.5mn in Q3

Thursday, October 27, 2011

Brazilian software company Totvs posted a 39mn-real (US$22.5mn) net profit in the third quarter of the year, up 20.3% from the year-ago period, the company said in a statement.

Totvs said the results are a company best for Q3. Net revenue also rose in the period, up 6.7% compared to 3Q10, totaling 324mn reais.

Ebitda, on the other hand, fell 12.5% year-on-year, to 77.1mn reais. Totvs has also added 732 new clients to its base, down 14.3% from 3Q10.

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For the first nine months of the year, the company's net profit reached 109mn reais, 14.5% up from the same period in 2010. In the year to date, net revenue hit 994mn reais.

According to the company, such figures are the result of a rise in service and maintenance revenues, also influenced by a rise in license sales in the previous quarters of the year.

"In these first nine months of 2011, we have been dedicated to the complete integration of our operations, consolidating the Totvs brand, solutions portfolio and shared service centers," said Totvs president Laércio Cosentino.

Use this link to see the full results.