UOL reports 17.6% drop in 2010 profit to US$58.6mn

Thursday, March 24, 2011

Brazil's largest internet service provider, Universo Online (UOL) (Bovespa: UOLL4), on Wednesday (Mar 23) reported a 17.6% drop in 2010 net earnings, to 97.3mn reais (US$58.6mn), down from the previous year's 118mn reais.

Ebitda stood at 160mn reais last year, virtually unchanged from 2009, with Ebitda margin shrinking two percentage points to 20%.

Net revenue increased 12% in 2010, to 817mn reais, while net financial revenues fell 50%, to 64mn reais.

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The figures are based on International Financial Reporting Standards (IFRS) rules.

By Fátima Laranjeira