Ant Group profit down 19% to 7.87 bln yuan-March 2024-www.financetom.com

Ant Group profit down 19% to 7.87 bln yuan

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Ant Group profit down 19% to 7.87 bln yuan

May 14, 2024 4:19 AM

SHANGHAI, May 14 (Reuters) - China's Ant Group posted a

19% fall in net profit of 7.87 billion yuan ($1.09 billion) in

the three months to Dec. 31, according to Reuters calculations

based on Alibaba Group Holding's ( BABA ) earnings released on

Tuesday.

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 ( BABA ) holds a 33% stake in Ant.

($1 = 7.2342 Chinese yuan renminbi)

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