Ant Group's quarterly profit nearly triples

reuters11-15 19:49
Ant Group's quarterly profit nearly triples

SHANGHAI, Nov 15 (Reuters) - China's Ant Group reported a 192.9% rise in net profit to 7.59 billion yuan ($1.05 billion) in the three months to March 31, according to Reuters calculations based on Alibaba Group Holdings' 9988.HK earnings released on Friday.

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

The near tripling of Ant Group's profit from a year earlier was largely due to a 7.07 billion yuan fine levied on the group a year earlier by the Chinese government 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 holds a 33% stake in Ant.

($1 = 7.2275 Chinese yuan renminbi)

(Reporting by Casey Hall; Editing by Susan Fenton)

((Casey.Hall@thomsonreuters.com;))

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  • Max87
    11-15 20:33
    Max87
    Bl00dy Xi
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