Ant Group quarterly profit falls 10.25% to 12 bln yuan-February 2024-www.financetom.com

Ant Group quarterly profit falls 10.25% to 12 bln yuan

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Ant Group quarterly profit falls 10.25% to 12 bln yuan

Aug 15, 2024 3:59 AM

SHANGHAI, Aug 15 (Reuters) - China's Ant Group posted a

net profit of 12 billion yuan ($1.68 billion) for the three

months to March 31, down 10.25% from a year earlier, Reuters

calculations based on Alibaba Group Holdings' earnings

released on Thursday showed.

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

arrears.

Chinese authorities in July last year 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.

Alibaba ( BABA ) holds a 33% stake in Ant.

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