Singapore-based consumer internet firm Sea Ltd said Tuesday that its net loss in the second quarter has widened to $931.2 million from $433.7 million a year ago, amid higher expenses.

The group said in a statement that its total net loss excluding share-based compensation and impairment of goodwill in the second quarter increased to $569.8 million from $321.2 million a year ago.

Its total adjusted loss before interest, taxes, depreciation, and amortization for the quarter also climbed to $506.3 million from $24.1 million for the second quarter of 2021.

Meanwhile, its total revenue increased by 29 percent to $2.9 billion in the second quarter from $2.3 billion in the second quarter of 2021.

Its e-commerce unit Shopee saw its revenue grew 51.4 percent year on year to $1.7 billion, with gross merchandise value expanded 27.2 percent year on year to $19 billion.

Shopee adjusted loss before interest, taxes, depreciation, and amortization in the second quarter, however, widened to $648.1 million from $579.8 million a year earlier.

Revenue from its gaming arm Garena, on the other hand, fell to $900.3 million from $1 billion a year earlier. The unit adjusted earnings before interest, taxes, depreciation, and amortization also fell to $333.6 million, from $740.9 million.

Sea digital financial services unit SeaMoney revenue, meanwhile, soared 214.4 percent year on year to $279 million in the second quarter. Its loss before interest, taxes, depreciation, and amortization for the quarter narrowed to $111.5 million, from $155 million.

“Our solid results for the quarter reflect our continued progress in enhancing efficiency and strengthening our ecosystem,” said Forrest Li, Sea’s Chairman and Group Chief Executive Officer.

“Shopee’s unit economics improved significantly driven by gains in both monetization and efficiency across our markets, even as we sustained a healthy growth rate against tough comparisons. At Garena, we saw positive outcomes from our focus on user retention and efforts to bring more engaging experiences to our large global games community, with quarterly active users stable quarter-on-quarter,

“We also benefited from expanding synergies between Shopee and SeaMoney as our underserved user base adopted more of our financial products and services, resulting in strong growth and narrowing losses at SeaMoney,” he said.

He also said the firm’s success has always been defined by its ability to focus on the right thing at the right time, quickly make the right strategic decisions, and remain agile and adaptable in our execution.

According to him, during the pandemic lockdowns, the group rapidly scaled its businesses to answer to the fast-rising market demand for online consumption and services, which allowed the firm to significantly expand its businesses and total addressable markets, strengthen its market leadership, and scale up more efficiently.

“As we navigate the current environment of increased macro uncertainty with that same nimble and decisive approach, we believe it is vital to be thoughtful, prudent, and disciplined. While we have strong resources and are well on-track to achieve our self-sufficiency targets, we are nevertheless rapidly prioritizing profitability and cash flow management,

“We are confident that this focus, combined with our demonstrated ability to execute, our scale and leadership, and our proven business models, will position us for long-term sustained success,” he said.

In its efforts to adapt to increasing macro uncertainties, Sea said it is proactively shifting its strategies to further focus on efficiency and optimization for the long-term strength and profitability of the e-commerce business.

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