Ant Group quarterly profit falls 66% on year to 2.59 billion yuan

CHINA’S Ant Group made net profit of 2.59 billion yuan (S$483.6 million) in the three months to Jun 30, down 66.45 per cent from a year earlier, according to Reuters calculations from Alibaba Group Holding’s earnings report released on Thursday (Nov 16).

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

Alibaba, which spun off Ant 12 years ago, said earlier this year it would not participate in Ant’s proposed share buyback and would maintain its shareholding in the firm.

Chinese authorities in July announced a fine of 7.12 billion yuan (S$1.3 billion) for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company. REUTERS