May 14, 2019 / 5:24 AM / 8 days ago

Norway's Adevinta Q1 profit rises 63% despite market weakness

OSLO, May 14 (Reuters) - Norway’s Adevinta ASA’s first-quarter earnings rose by 63% from a year ago despite some ongoing market weakness, the online advertising group said in its first report as a stand-alone company on Tuesday.

Last month, Adevinta became Norway’s most valuable initial public offering in 13 years, priced at some $7 billion, driven by rapidly expanding classified ad sites such as France’s Leboncoin and Brazil’s OLX.

Quarterly revenue, including joint ventures and associated business, rose 15% from 2018 to 174.4 million euros ($196 million), while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 63% to 49.7 million euros.

The company had said in March its first-half revenue growth would most likely lag its long-term target of 15-20 percent growth. ($1 = 0.8898 euros) (Reporting by Terje Solsvik; Editing by Rashmi Aich)

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