SHANGHAI, Aug 29 (Reuters) - Chinese fintech company Ant

Group posted a 60.5% slide in net profit to 4.74 billion yuan

($662.7 million) in the three months to March 31, according to

Reuters calculations based on earnings reported by stakeholder

Alibaba ( BABA ) on Friday.

Alibaba ( BABA ) said the decrease was mainly attributable to

"investments in new growth initiatives and technologies, and the

decrease in fair value of certain investments".

E-commerce group Alibaba ( BABA ) reports profit from Ant one quarter

in arrears.

Both groups were co-founded by Chinese billionaire Jack Ma

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