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Brazilian software development group Totvs (Bovespa: TOTS3) posted a net profit of 33.5mn reais (US$21.1mn) in the first quarter of the year, climbing 20.5% compared with the year-ago period, the firm said in a release.
Totvs' quarterly revenues reached 305mn reais, a 17.1% increase compared with 260mn reais in the year-ago quarter.
The company's Ebitda in Q1 totaled 71.3mn reais, up 17.3% year-on-year, while the Ebitda margin in the quarter was 23.4%, flat compared with the year-ago period.
During the quarter, Totvs gained 654 clients, up 5.1% on 1Q10.
In Q1, the company sold licenses to 5,290 clients, 15.4% more than in the year-ago period, with average ticket growth of 17.2%.
Totvs is a publicly listed system supplier providing business intelligence, human resources and supply chain solutions to small and medium-sized businesses. In 2004, Totvs began to target the public sector, and it now operates in vertical markets such as education, government, health and retail.