UOL, an online media portal and internet company in Brazil, has reported net revenues of BRL183.9m in the first quarter of 2010, an increase of 37% compared to BRL159.4m for the same period last year.
For the quarter, gross margin for the quarter decreased by 4 percentage points to 69%. Excluding non-recurring items from 2009, gross margin would have reached 64% in the 1Q09, up 5 p.p. year-on-year basis. Gross profit totaled BRL126.1m.
The company posted an EBITDA of BRL40.2m in 1Q10, a drop of 6% from the same period last year. EBITDA margin of 22%, 5 percentage points down from first quarter of 20009. Net income was BRL23.5m, a decrease of 36% compared to BRL36.8m for the same period a year ago.
Advertising and other revenues totalled BRL120.9m, an increase of 37% compared to same period last year, driven by advertising revenues and by the growth in revenues from all the products in our internet service platform.
During the quarter, the number of paying broadband subscribers reached 1.3 million in March 2010, an increase of 8% over March 2009.
