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OLX Brazil, a 50 / 50 joint venture between Schibsted’s Adevinta and Naspers, said net revenues rose 55 percent in Q4 to BRL 79 million.

According to a Schibsted presentation, the Brazilian horizontal saw revenue growth for all its categories. Autos and real estate have been key growth drivers for revenue.

OLX Brazil, which became profitable in FY2018, posted an undisclosed negative EBITDA margin due to the concentration of the company’s marketing spending in Q4 2018. It said accruals related to a management incentive program also weighed on the company’s EBITDA margin results.

OLX Brazil posted an EBITDA loss of BRL 24 million in Q4 2018 — up from a BRL 4 million EBITDA loss of BRL 4 million in Q4 2017.

As for the full-year of 2018, OLX Brazil’s EBITDA margin was 5 percent — 8 percent down, year-on-year.

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