News and Announcements
LatAm Auto Financial Results 2016; Market Share Continues to Grow in Mexico
- Published February 27, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
LatAm Autos Limited (ASX: LAA) is pleased to release its financial statements and Appendix 4E for the year ended 31 December 2016. LatAm Autos is a leading dedicated online auto classifieds and content platform with operations in six countries in Latin America- Mexico, Argentina, Ecuador, Peru, Panama and Bolivia. As early movers in the region’s online auto classifieds industry, LatAm Autos is positioned to capitalise on the shift of auto classifieds advertising from traditional print media sources to online channels.
KEY TAKEAWAYS:
- Market share continued to build in key Mexican market with local currency revenue growth of 62% versus pcp.
- Ecuador operational and financial performance in 2016 extends it #1 position.
- Continued monetisation progress with constant currency revenue growth of 48% versus pcp.
- Strong growth in uptake of new related revenue streams, MotorCredit and Carsync.
– 969 completed MotorCredit applications received.
– 138 CarSync installations completed.
– Revenue growth of 100%+ per month since launch.
- Successful roll-out of related revenue streams in Ecuador (now approximately 25% of Ecuador’s total revenue in February 2017) expected to accelerate deployment across portfolio.
Jorge Mejia Ribadeneira, Executive Director and Chief Executive Officer, commented “2016 was a successful year for LatAm Autos as we consolidated our position as the number 1 online auto-classifieds business across Latin America (ex Brazil). We continued to execute on our strategy to accelerate monetisation with the implementation of new related revenue streams. We are excited by the opportunity to rapidly these related revenue streams across target markets in 2017 as we leverage our local management team and knowledge to drive revenue from these products.”
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