MercadoLibre's Q4 net profits grow 41% to US$15.9mn

Friday, February 25, 2011

Latin American e-commerce company MercadoLibre (Nasdaq: MELI) saw its net income surge 41.2% year-over-year to US$15.9mn during the fourth quarter of 2010, according to financial results released by the company.

MercadoLibre's revenues for the quarter were US$62.3mn, representing 27.1% growth compared with US$49mn during 4Q09.

Brazil reported the highest revenues of MercadoLibre's markets at US$34.6mn for the quarter, up from US$29.4mn a year ago. Argentina followed with the second-highest revenues at US$11.3mn, up from US$7.7mn during 4Q09.

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The number of items sold during 4Q10 grew 31.2% year-over-year to 11.3mn, while total payment transactions grew 134.5% to 2.4mn.

For full 2010, MercadoLibre posted net income of US$56mn, jumping 68.7% from US$33.2mn in 2009. Revenues for 2010 grew to US$217mn, compared with US$173mn in 2009. According to MercadoLibre, its revenue growth was negatively impacted by the presale of credit card receivables that began during 3Q10.

Brazil and Argentina saw the highest yearly revenues for 2010 as well, with Brazil posting revenues of US$123mn compared with US$93mn in 2009. Argentina recorded revenues of US$39.9mn in 2010, up from US$26.7mn in 2009.

Use this link to view the full results.