China’s Ant Group made net profit of 24.5 million yuan (S$4.6 million) in the three months to Sep 31, down 92 per cent from a year earlier, according to Reuters calculations from Alibaba Group Holding’s earnings report released on Wednesday (Feb 7).

The e-commerce giant reports profit from Ant one quarter in arrears.

Chinese authorities last July announced a fine of 7.12 billion yuan for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company. Both groups were co-founded by Chinese billionaire Jack Ma and Alibaba has a 33 per cent stake in Ant. REUTERS