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Ant Group quarterly profit falls 92% on year to 24.5 million yuan

Published Wed, Feb 7, 2024 · 08:17 PM
    • 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.
    • 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. PHOTO: REUTERS

    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

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