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China’s JD.com reports higher fourth-quarter adjusted profit

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© Reuters. FILE PHOTO: The logo of JD.com is seen at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo

(Reuters) -Chinese e-commerce firm JD (NASDAQ:).com Inc reported a higher quarterly adjusted profit on Thursday as China lifted strict pandemic-related curbs late last year.

The company’s U.S.-listed shares rose 1% in premarket trading.

JD.com’s net income attributable to ordinary shareholders in the fourth quarter was 3 billion yuan ($430.92 million), compared with a net loss of 5.2 billion yuan a year earlier.

Revenue rose 7.1% to 295.4 billion yuan in the three months ended December, missing analysts’ estimates of 296.17 billion yuan, according to Refinitiv data.

Parts of China remained under strict lockdown for most of the December quarter, with shoppers holding back on spending amid continued economic uncertainty.

On an adjusted basis, the Beijing-based company earned 4.81 yuan per American depositary share in the reported quarter, compared with 2.21 yuan per share a year earlier.

JD.com said in January it was winding down its e-commerce business in Indonesia and Thailand, markets where it faced stiff competition from Sea Ltd-owned Shopee.

Last month, peer Alibaba (NYSE:) Group Holding Ltd reported higher-than-expected revenue in the December quarter.

($1 = 6.9619 renminbi)

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