Didi Chuxing posts US$95m income for past quarter

Business | 11 Jun 2021 9:52 am

Didi Chuxing which has  filed to go public in what could be one of the largest tech IPOs of this year, reported US$21.6 billion in revenue last year, CNBC reports.

It also posted a profit this past quarter on US$6.4 billion in revenue.

The company reported net income of US$837 million before certain payouts to shareholders, and comprehensive net income of US$95 million for the quarter.

Uber owns 12.8 percent of the shares in the company after selling its Chinese ride-hailing business to Didi in 2016, while SoftBank’s Vision Fund holds 21.5 percent.

Between 2019 and 2020, Didi’s revenue shrunk by almost 10 percent as the coronavirus diseae pandemic spread all across China's provinces  last year.

However, before the pandemic in the mainland, revenue grew by 11 percent between 2018 and 2019.

Additionally, revenue has bounced back in the first quarter as the pandemic recovery is in full swing, with 107 percent growth in the first quarter from the previous year’s quarter.

Some of the company’s profitability in the first quarter can be credited to gains on investments of US$1.9 billion related to spin-offs and divestments.

 



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