Brazil's leading cellular operator, Vivo Participacoes (VIV), Wednesday said third-quarter net profit almost doubled due to an increase in revenue and a reduction in financial expenses.

Vivo reported third-quarter net profit of 601.8 million Brazilian reals ($354 million), up from BRL332.7 million a year ago.

Vivo's third-quarter net revenue rose 10.4% to BRL4.6 billion from BRL4.17 billion.

The company's financial expenses totaled BRL63.5 million in the period, down from BRL98 million in the third quarter of 2009.

The company's earnings before interest, taxes, depreciation and amortization, or Ebitda, was BRL1.54 billion, up from BRL1.39 billion.

The Ebitda margin, a measure of profitability over net revenue, was 33.4% in the quarter, the same level reported in the year-earlier period.

Vivo is jointly controlled by Spain's Telefonica SA (TEF).

-By Rogerio Jelmayer, Dow Jones Newswires; 5511-3544-7071; rogerio.jelmayer@dowjones.com
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