Regional News

Australian job portal Seek reaches rough waters in Latin America

By Editor 0 Comments NEWS, Regional News

Seek Ltd, one of the top online job portals, has reported that nearly half of its value comes from sites from Brazil and Mexico, and are anticipating a lull in revenue as "trade and political uncertainty stall growth in both markets".

The move illustrates how a deep recession in Brazil and trade turmoil on both banks of the Rio Grande have stifled the sort of rapid growth the Australian-listed firm hoped for when it earmarked the region for expansion three years ago.

It also underscores how the fallout from a global shift toward protectionism has compounded economic problems in trade-dependent emerging markets.

Seek said its revenue and outlook soured in both Mexico and Brazil, which together comprised almost 16 percent of the A$7 billion company’s first-half revenue. Things would likely get worse before they get better, it added.

Impairments totaled A$178 million ($132 million) on investments previously valued at A$335 million. Core earnings were forecast to rise 5 percent to 8 percent in the year to June 2019, slower than the 15 percent the company said it expected to report for the previous financial year.

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