Brasil Online, the holding company that owns Catho in Brazil, saw FY18 net revenues drop 14 percent, year-on-year, to AUD 74.9 million ($52.7 million US). That’s from AUD 87.3 million ($61.5 million US) in FY17.
Mexican jobs site OCC reported net revenues of AUD 29 million ($20.4 million) in FY18 — 1 percent down, year-on-year. Seek said results for its Latin American (LatAm) business were “disappointing.”
EBITDA for both LatAm job sites decreased in FY18 as well, according to Seek. EBITDA for Brasil Online was AUD 22.7 million ($16 million US) — 27 percent down, year-on-year.
As for OCC, EBITDA also declined 27 percent, year-on-year, to AUD 4.9 million ($3.4 million US) in FY18. “Brasil Online results (were) weak due to challenging macro conditions and delay in recovery of candidate pays revenue,” the company said.
Most of Catho’s revenues — about 88 percent — comes from job-seekers. Seek said OCC was impacted by a “range of external and operational issues,” including intense competition, a September 2017 earthquake, and trade issues.
OCC’s Education business was also “resized” for what it called “sustainable growth.” Seek bets on an improving economy and a long-term focus to “turn around” performance for the two sites.