(Yicai) Aug. 22 -- Chinese ride-hailing giant Didi Global swung into the black in the second quarter of this year as transactions and gross transaction value reached an all-time high.

Net profit was CNY1.7 billion (USD234 million) in the three months ended June 30, versus a CNY5 million (USD701,065) net loss a year ago, the Beijing-based firm said in an earnings report released yesterday. Revenue rose 4.1 percent to CNY50.9 billion (USD7 billion), while the cost of revenues stayed flat at CNY41.4 billion.

Didi’s adjusted earnings before interest, taxes, and amortization in China stood at CNY2.4 billion, up from a year-earlier CNY1.5 billion, driven by higher platform sales and partially offset by more consumer incentives.

Didi’s earnings had been under pressure in recent years, as a result of regulatory challenges, its delisting from the New York Stock Exchange, and Covid 19 pandemic-related disruptions, after the company successfully pushed Uber Technologies out of the Chinese market in 2016. The company reported its first profit since 2021 in the third quarter of last year.

This last quarter, core platform transactions jumped 17.4 percent to nearly 3.9 billion, with those in China up 12.3 percent at 3 billion and overseas up 39 percent at 871 million. GTV rose 14.7 percent to CNY96.3 billion (USD13.3 billion), as the home market climbed 8.7 percent to CNY73.5 billion and overseas market surged 39 percent to CNY22.8 billion.

Domestic platform sales surged 22 percent to CNY14.5 billion, while that overseas jumped 24 percent to CNY2.4 billion, according to Didi.

“We plan to further increase consumer and driver engagement in 2024 by making ongoing investments in our ecosystem for drivers and offering more diversified and affordable product offerings to our consumers,” the company said.

Didi is preparing to go public again in Hong Kong next year, tech media outlet The Information reported in June. Didi said it has no schedule for a re-listing. Its 2021 initial public offering in New York raised USD4.4 billion and valued the company at USD73 billion.

“We continue to focus on key markets such as Brazil and Mexico in Latin America," Didi noted in its earnings report, adding that it plans to go on investing while increasing operating efficiency to drive sustainable growth in its international business for the rest of this year.

Didi repurchased about 90.2 million of its own American depositary shares for around USD374.1 million as of the end of last month, part of its USD1 billion share buyback program its board authorized last November.

Editor: Martin Kadiev