VNET Posts Loss In Q2

(RTTNews) - VNET Group, Inc. (VNET) posted a net loss attributable to VNET of RMB 11.9 million, compared with net income of RMB 63.7 million, a year ago, mainly due to the increase in interest expenses and income tax expenses. Loss per share was RMB 0.01 compared to profit of RMB 0.04. Adjusted EBITDA was RMB 732.5 million, an increase of 27.7% from prior year.

Total net revenues in the second quarter were RMB 2.43 billion, an increase of 22.1% from previous year. The company said the year-over-year increase was mainly driven by the continued growth of wholesale IDC business.

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