JD reports increase in revenue, profit for 2017

JD, China's second-largest e-commerce company, reported on Friday that net revenue reached $55.7 billion (362.3 yuan) in 2017, an increase of 40.3 percent year-on-year, with net profit totaling up to 5.0 billion yuan, up 140 percent from 2.1 billion in 2016.

Active customer accounts increased by 29.1 percent to 292.5 million in 2017, compared with 226.6 million in 2016. JD had more than 170,000 merchants on its online marketplace and operated 486 warehouses covering an aggregate gross floor area of approximately 10 million square meters in China as of December 31, 2017.

Net income from continuing operations attributable to ordinary shareholders for 2017 was 116.8 million yuan, compared to net loss from continuing operations attributable to ordinary shareholders of 2.0 billion yuan in 2016.

"Our online shopping experience continued to reshape Chinese e-commerce, win over consumers and drive robust growth in 2017," said Liu Qiangdong, chairman and CEO of JD.

"Looking ahead, we will remain focused on using technology, artificial intelligence and big data to revolutionize e-commerce while leveraging JD's established infrastructure to empower our partners," Liu added.

Sidney Huang, JD's chCFO, said: "In 2018, we will continue to prioritize investments in technology, user experience and expanding the JD ecosystem to bring more value to our customers and business partners."

JD's net revenues for the first quarter of this year are expected to be between 98 billion yuan and 100 billion yuan, representing a growth rate of between 30 percent and 33 percent compared with the first quarter of 2017.

JD' s joint venture New Dada had partnered with 163 Walmart stores and 388 Yonghui stores, among numerous other supermarkets and grocery stores as of Jan 31, to provide a premium online fresh grocery shopping experience with one-hour home delivery service. New Dada is the largest crowd-sourcing logistics provider and O2O grocery platform in China.