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China's Meituan Dianping posts wider 4Q loss

Meituan, which offers a range of services including food delivery, local listings and online bookings.   © Reuters

HONG KONG (Nikkei Markets) -- China's Meituan Dianping reported a wider loss in the fourth quarter as rising costs of food delivery riders and payment processing weighed on the online food delivery to ticketing services firm.

Net loss for the quarter ended December stood at 3.41 billion yuan ($511.5 million), compared with a loss of 2.18 billion yuan a year ago, the company said in an exchange filing. Revenue surged 89% to 19.80 billion yuan. Cost of revenue more than doubled to 15.3 billion yuan in the quarter.

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