Brazil accounts for half of MercadoLibre's revenues

- Thursday, March 17, 2011

Brazil accounts for half of MercadoLibre's revenues

Brazilian operations currently account for about half of Latin American e-commerce company MercadoLibre's (Nasdaq: MELI) revenues, CEO Marcos Galperín told BNamericas.

"Our operation in Brazil is the largest contributor to our revenues. Then comes Argentina, with approximately 18% of total revenues and Mexico, with 14%," the executive said, adding that these three markets are experiencing annual growth rates of some 30%.

For full 2010, MercadoLibre posted net income of US$56mn, jumping 68.7% from US$33.2mn in 2009. Revenues grew to US$217mn, compared with US$173mn the year prior.

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"We are always considering launching new operations, but we can't provide further details since we trade publicly," Galperín said on the sidelines of the inauguration of the company's new headquarters in Argentine capital Buenos Aires.

To open the new headquarters, which employs some 400 people, the company invested 60mn pesos (US$14.8mn), the executive said.

Founded in 1999, MercadoLibre is a regional e-commerce technology company. Through its primary platforms, MercadoLibre.com and MercadoPago.com, it provides solutions to individuals and companies buying, selling, advertising and paying for goods online.

Some 25% of transactions on MercadoLibre's platform are made using the MercadoPago payment solution, Galperín added.