MercadoLibre profits up 47.6% in the first quarter

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The Argentine e-Commerce company reported a net income of USD 473.8 million, up 47.6%

The e-commerce company MercadoLibre reported a net utility of USD 473.8 million in the first quarter of the year. This figure represents an increase of 47.6% with respect to the same period of 2018, closed with a net income of USD 371 million.

As indicated by the company in its intermediate financial statements, the marketplace increased its revenue in dollars by an annual 79.8%. Meanwhile, revenues outside the trading platform had an increase of 22.4% measured in the USD currency.

Gross profit was USD 237 million with a margin of 50%. Most of the gross margin, specified by the company, is attributable to shipping and operating costs. In the period, MercadoLibre incurred operating expenses for USD 226.9 million, 18.1% more than in the first quarter of 2018.

The devaluation of the Argentine peso, meanwhile, explains much of the exchange loss of USD 3.7 million that had to face the company, which has assets in pesos in Argentina.

The net pre-tax utility was USD 15.4 million, compared to USD 25.4 million in the first quarter of 2018.

Translated Source: La Cronista

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