Solid revenue growth for LatAm Autos in FY2016
03 Mar 2017
LatAm Autos (ASX: LAA), the Latin American auto classified platform operating in Argentina, Bolivia, Ecuador, Mexico, Panama and Peru, saw its net revenue increase 23 percent from FY2015 to FY2016, the company announced this week.
LatAm Autos said revenue rose to $8.2 million AUD ($6.2 million U.S.), thanks to “strong growth” in each of its key markets in Latin America.
LatAm Autos said revenue growth (in local currency) was above 40 percent on average, with Mexico and Argentina, its two top markets, increasing their revenue (in local currency) by 62 and 61 percent, respectively.
In AUD, revenue grew in Argentina and Mexico by 8.3 percent and 45.3 percent y-on-y respectively to $2.7 million AUD ($2 million U.S.) and $2.1 million AUD ($1.6 million U.S.).
LatAm Autos isn’t profitable, but it managed to improve its EBITDA at its Ecuadorian site PatioTuerca.com by 256 percent y-on-y to $523,000 AUD.
All its other operating segments reported EBITDA losses, ranging from $102,000 AUD in Panama to $6 million AUD in Mexico (look at table).
In FY2016, the Latin American auto vertical posted a net loss after tax of $14.9 million AUD, which was roughly unchanged from FY2015 (table at top).
Commenting its full-year results, LatAm Autos said it enjoyed strong growth in new revenue streams.
A more comprehensive exposition of the company’s financial metrics can be seen here.