Print Edition - 2017-05-19  |  Money Digest

Alibaba quarterly profits up 98pc


May 19, 2017-Chinese e-commerce giant Alibaba said on Thursday its net profit almost doubled in the latest quarter on the back of soaring growth in online shopping. Alibaba, which has made billionaire founder Jack Ma one of China’s richest men, is a dominant player in online commerce and its robust earnings highlight the strength of the sector even as the country’s broader economy sputters. Net profit attributable to ordinary shareholders soared 98 percent from a year ago to 10.65 billion yuan ($1.55 billion) in the quarter ended March 31, the company said in a statement. That was on the back of a faster-than-expected 60 percent surge in revenue to 38.58 billion yuan -- a key figure for gauging China’s increasingly important consumer sector. Mobile monthly active users on Alibaba’s China retail marketplaces reached 507 million in March, an increase of 97 million from a year earlier.

Published: 19-05-2017 10:22

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