Brazil's leading cellular operator Vivo Participacoes (VIV) reported Wednesday a fourth-quarter net profit of 221.6 million Brazilian Reals ($120 million), down slightly from BRL222.1 million seen in the fourth quarter of 2008.

Vivo's fourth-quarter net revenue rose 1.2% to BRL4.32 billion from BRL4.27 billion in the year-ago period.

The company's earnings before interest, taxes, depreciation and amortization, or Ebitda, was BRL1.41 billion, up from BRL1.39 billion in the fourth quarter of 2008.

The Ebitda margin, a measure of profitability over net revenue, was 32.7% in the quarter, the same level seen a year earlier.

For the full year of 2009, the company reported a net profit of BRL857.5 million, more than double from BRL389.7 million seen in 2008.

Vivo's net revenue totaled BRL16.3 billion in 2009, up from BRL15.8 billion seen in 2008.

Vivo is jointly controlled by Spain's Telefonica SA (TEF) and Portugal Telecom SGPS SA (PT).

-By Rogerio Jelmayer, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com
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