Mercado Libre reported its first-quarter results yesterday. Its net revenues grew 114% to $1.4 billion. It sold 222 million items, an increase of 110.2% compared to the same period in 2020. Mercado Pago processed $14.7 billion in transactions, up 81.8%. However, the e-commerce giant lost $34 million in the quarter, a net loss of $0.68 per share. The foreign exchange loss of $15.1 million is attributable to the additional cost of accessing dollars through an indirect mechanism due to restrictions imposed by the Argentine government on the purchase of dollars at the official exchange rate.
Category: Business
Information regarding the business sector.
Naranja X to be remunerated in pesos and plans to invest $1.7 bn
Naranja, the credit card issuer that is part of Grupo Financiero Galicia announced yesterday its transformation into a fully digital company: from now on, it is Naranja X. Currently, more than 5 million users interact with Naranja X. Naranja X's peso account will soon become interest-bearing, and the company will allocate 160 billion pesos ($1.7 billion) for consumer financing in 2021, to further strengthen financial inclusion and enhance the possibilities of providing a better and broader value proposition to its users.
Mercado Libre bought $7.8 million in bitcoins
The Argentine e-commerce company Mercado Libre entered the world of cryptocurrencies. It did so through the purchase of $7.8 million Bitcoins. It confirmed in the last balance sheet filed with the Securities and Exchange Commission (SEC) of the United States. Days before, it had enabled the purchase and sale of real estate with digital currencies in Argentina. It is part of the treasury strategy.
BGH Group announces $1 mn investment to manufacture computers
The BGH Group announced yesterday an investment of 1 million dollars for computers in Buenos Aires. The Positivo BGH computers will go to the Juana Manso Plan, a program launched by the national government to strengthen connectivity and educational inclusion in public schools across the country and supply the domestic market.
Fintech Ualá promises to create 750 jobs this year
Fintech Ualá, specialising in financial services management, announced a 5.7 billion pesos ($60.92 mn) investment plan that includes 750 workers in 2021 to double its workforce to 1,500 employees, to expand its operations in Argentina and the region.
Wenance signs $36.09 mn financing agreement
Wenance, the Argentine fintech company leader in consumer finance with an international presence, announced a 30 million euro ($36.09 million) agreement. According to the local company, this financing may be extended to 50 million euros ($60.14 million) and will increase the company's presence in the international market.
Ford has added 256 employees for the production of the new Ranger in Pacheco
The local subsidiary of the multinational Ford increased production at its Pacheco plant in Buenos Aires and hired 256 workers. The decision comes from the growing demand for its Ranger pickup truck model, both in Argentina and Latin American markets. The automaker increased the daily production volume of Ranger to 286 units, 30% higher than pre-pandemic levels.
Vista increased its oil production by 56%
Vista Oil & Gas announced a 56% increase in its oil production in the first quarter of the year. Also, its latest balance sheet shows that it managed to reduce its operating costs by 6% compared to the last quarter of 2020, thanks to an improvement in its performance in the Vaca Muerta formation.
Oil Company PAE issued a new bond for $300 million
The oil company Pan American Energy (PAE) announced an international bond for u$s300 million for six years with a fixed rate of 9.125%. In addition to the payment of a $166 million bond maturing on May 7. It included 54% of the bond ($90 million) in the cash tender offer, which PAE paid yesterday.
Bioceres began trading on the Nasdaq, and its shares rose 4.9%
Argentine agricultural biotechnology company Bioceres began trading yesterday on Wall Street's Nasdaq technology index. The company voluntarily transferred its listing from NYSE American to the Nasdaq Global Select Market and will continue to trade under the symbol "BIOX". The company's shares rose 4.9%.
