Ant Group quarterly profit falls 66% on year to 2.59 billion yuan
Add BT as a preferred source
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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
