Chinese cell phone producer Xiaomi booked a first-quarter net loss of CNY 7 billion ($1.09 billion or generally Rs. 6,800 crores) in front of its blockbuster first sale of stock.That compares with a net loss of CNY 43.89 billion (generally Rs. 46,000 crores) for the entire of 2017, according by its draft prospectus
When one-off terms are excluded, Xiaomi said it made a net profit of CNY 1.04 billion (generally Rs. 1,100 crores) in the first quarter, contrasted and CNY 3.9 billion for the entire of 2017.
Its cell phone shipments jumped 88 percent ,thanks to strong growth overseas helping Xiaomi’s income ascend to CNY 34 billion ($5.3 billion or generally Rs. 35,700 crores) for the period. That compares and CNY 114.6 billion for all of last year.
Xiaomi did not reveal a fundraising target or the number of shares on offer in the filling.It is expected to raise about $10 billion up in a Hong Kong IPO that could be the biggest listing globally in almost four years.