Grab, the southeast Asian ride-hailing, food delivery and payments company, deepened its net losses to $815m for the three months to June and trimmed its full-year forecast over pandemic uncertainty.
The company, with its headquarters in Singapore, expects earnings before interest, taxes, depreciation and amortisation to equal a loss of $700m to $900m for the full year, compared with previous projections of $600m. The forecast was due to the extension of lockdowns in several of the countries it operates due to Covid-19, it said.
However, adjusted net sales hit $550m, up 92 per cent on the same period in 2020, as GrabSupermarket and other food delivery services gained traction during worsening lockdowns across the region.
“While the Covid-19 situation on the ground is challenging, our business continues to be resilient, and we are increasing our investments in our superapp ecosystem in anticipation of the market recovery as vaccination rates improve,” said Peter Oey, chief financial officer.
The higher net…