China’s Dangdang Drops to Five-Week Low in New York After Net Loss Swells
E-Commerce China Dangdang Inc. (DANG), China’s biggest Internet-based book retailer, sank to a five- week low in U.S. trading after reporting its four-quarter loss increased from the previous three months.
American depositary receipts of E-Commerce, known as Dangdang, dropped 8.5 percent to $6.33 by 10:29 a.m. in New York, the lowest level since Jan. 17 based on closing prices. They earlier tumbled as much as 10 .4 percent, the biggest intraday drop since Sept. 22.
Beijing-based Dangdang’s net loss in the last three months of 2011 was 129.8 million yuan ($20.6 million), compared with a loss of 81.9 million yuan in the third quarter, and net income of 14.8 million yuan a year earlier, the company said today in a statement.
The loss in the fourth quarter exceeded the 85 million-yuan average estimate of five analysts compiled by Bloomberg.
To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net
To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net
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