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UOL to launch online music store in 2006(BNamericas.com Via Thomson Dialog NewsEdge)Brazilian internet service provider UOL (Bovespa: UOLL4) is preparing to launch new services, starting with an online music store, local newspaper Valor Econmico quoted the company's CEO Luz Frias as saying. As well as the music store, UOL has "various seeds planted in 2005 that are maturing now and should present results starting in the second half of this year," Frias told reporters without giving details. Access to broadband, which facilitates the use of multimedia services, is another priority. UOL ended 2005 with 575,000 broadband subscribers, or almost 40% of its 1.45 million strong total subscriber base. The broadband subscriber base increased 45% in relation to 2004. FINANCIAL RESULTS Net income was 266mn reais (US$125mn) in 2005, up 875% compared to 27.3mn reais in 2004. The company also posted operational profit of 84.9mn reais in 2005, an increase of 212% compared to 2004. UOL recorded gross revenues of 563mn reais and net revenues of 444mn reais in 2005. Launched in April 1996, UOL provides internet access in more than 3,000 localities in Brazil and also operates as a portal and access provider in Argentina. In January, UOL completed a 625mn-real primary and secondary offering of shares. The company began trading on So Paulo's Bovespa stock exchange on December 16. |