MercadoLibre, Inc., trading company Electronic Latin America, today reported financial results for the first quarter of 2011. Consolidated net sales for the three months ended March 31, 2011, U $ S 61.5 million, representing a year over year quarterly growth of 33.8%.
The net sales growth was negatively affected due to pre-sell card vouchers credit from the third quarter of 2010. If the company has implemented a similar pre-sale credit card during the year 2010, net sales growth would have been 44.4% during the first quarter of 2011 compared with the same period last year.
For the three months ended March 31, 2011, the number of items sold through MercadoLibre grew 30.7% to 10.9 million items while the number of transactions in the payment gateway through MercadoPago grew 148.8% to 2.6 million in payments compared to the first quarter of 2010. The volume of cash transactions products sold in the first quarter of 2011 grew 30.4% over the same period last year, amounting to U $ S 954.0 million, while total payments volume grew 98.1% year over year, reaching U $ S 245.2 million.
The net profit for the three months ended March 31, 2011 was U $ S 14.1 million, representing growth of 46.1% over the same quarter last year. Net margin for the period was 22.9% for the first quarter of 2011, compared with 20.9% for the same period last year. Earnings per share for the first quarter of 2011 was U $ S0, 32 compared with $ 0.22 in the same quarter S the previous year.
10 years after its launch, MercadoLibre has operations in 13 countries, more than 55 million registered users, more than 1,500 employees and is listed on the Nasdaq
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