E-commerce and technology firm Coupang saw sales growth accelerate in the third quarter, but costs related to the recent warehouse fire kept it deep in the red.
Total net revenues for the quarter ended September 30 rose 7 per cent year-on-year to US$10 billion, extending the 4 per cent increase in the second quarter.
On a constant currency basis, sales grew 11 per cent, exceeding the guidance of 8-9 per cent growth.
Meanwhile, costs related to the fire that occurred at its fulfilment centre (FC) in Incheon in July weighed down margin and the bottom line.
Gross profit margin for the quarter was down by 364 bps to 25.7 per cent. Attributable net loss was $501 million, compared to net income of $95 million a year ago.
Excluding FC fire-related costs, gross profit margin was 26.7 per cent, and net loss was $321 million.
The company previously reported a loss of $570 million in the second quarter, but it was largely due to the penalty in relation to the massive data breach in South Korea last year.
Developing offerings segment, which includes Coupang Eats, Coupang Play and Farfetch, saw revenues jump 23 per cent.
