Grab has reduced the red ink and achieved a higher topline in the first quarter this year, as the company reported for the first time its quarterly results ahead of its listing via a SPAC by end of the year.

For the three months ended March, the leading multi-purpose app reported a net loss of US$652 million, versus US$771 million in the red this quarter last year. This number takes into account non-cash items related to interest accrued on Grab’s convertible redeemable preference shares and depreciation.

In the same quarter, its adjusted EBITDA was US$111 million in the red, an improvement by US$233 million y-o-y. 

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