Grab crashes 37.3% after Q4 net loss nearly doubles

NASDAQ-LISTED Grab sank deeper into the red for the fourth quarter ended Dec 31, chalking up a net loss of US$1.1 billion compared with US$576 million a year ago after its ride-hailing business suffered from Covid-19 disruptions.

The loss included US$328 million related to listing expenses and US$311 million of non-cash interest expense related to convertible redeemable preference shares that ceased upon the public listing.

Revenue plunged 44 per cent to US$122 million, with declines in mobility and delivery revenue but an improvement in financial services revenue.