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Dangdang slides into losses in Q1

May. 18, 2012 (China Knowledge) – Chinese e-commerce Dangdang Inc<Dang>, which operates the country's leading online bookstore that also runs other B2C businesses, reaped RMB 99.5 million or US$15.8 million in net loss attributable to shareholders in Q1 this year, mainly cause by the increase in costs and in implementation expenditure. However the company booked a net profit of RMB 3.1 million in the corresponding period of 2011.

Non-GAAP net loss attributable to shareholders for the three month period was RMB 96.7 million or US$15.4 million compared with a net profit attributable to shareholders of RMB 5.5 million in Q1 last year.

From January to March, Dangdang saw its total net revenue ssurged 58% YoY to RMB 1.08 billion or US$172.1 million, including RMB 696 million in media revenue and RMB 367.9 million of general merchandise revenue, up 35% and 124% YoY, respectively.

The e-commerce company saw its active users increased 44% YoY in the first quarter, and the sales orders amounted to about 11.8 million in the period, soared 48% YoY.

As of Mar. 31, 2012, the company had RMB 1.39 billion in cash and cash equivalents, short-term time deposits and held-to-maturity investments, RMB 1.3 million more than that at the end of last year.

Dangdang expects its total net revenues to reach about RMB 1.19 billion or increase nearly 50% YoY in Q2, sources reported.

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