Dangdang narrows loss

Chinese e-commerce company Dangdang says net loss for the first quarter has narrowed down to 72.7 million yuan (US$11.7 million) from 99.5 million yuan in 2012.

Gross merchants value (GMV) soared by 193 per cent to 584.1 million yuan (US$94 million).

Books and media sales increased 24 per cent, it says.

“We are confident that Dangdang’s transition from online bookstore to an integrated online shopping mall is well under way. Our strategy of placing more emphasis on third party marketplace continues in 2013,” said executive chairwoman Peggy Yu Yu.

Dangdang’s customer base grew by 21 per cent to 7.4 million customers.

The company says it expects total revenue to rise by 23 per cent in the second quarter as GMV is predicted to grow at a rate of 175 per cent.

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