Ideiasnet posts net profit of US$29.5mn in Q1

Brazilian IT and internet holding company Ideiasnet (Bovespa: IDNT3) reported a net profit of 62.2mn reais (US$29.5mn) in 1Q13, compared with a 3.2mn-real loss in the prior-year period. Net revenues for the quarter reached 369mn reais, up 0.4% year-over-year. Ebitda surged 66% to 13.7mn reais in Q1, with an Ebitda margin of 3.7%, up compared to the 2.2% seen in 1Q12. Ideiasnet is a publicly-held venture capital company focused on the technology, media and telecommunications sectors in Brazil and the rest of Latin America. The Ideiasnet FIP I fund holds Ideiasnet's participation in its six major investments, namely: Officer, Brazil's largest IT distributor; Padtec, a manufacturer of optical communications systems; EAX, a leading Brazilian e-commerce enabler; Tectotal, a provider of IT value added services; Pini, a leading content provider for civil construction; and Batanga, a US and Latin American digital media company. Meanwhile, the Ideiasnet FIP II fund holds the firm's participation in iMusica, Amo Muito, Automatos, Spring Wireless and Tvaovivo.com.br.