Synopsis
Alibaba said the decrease in profit for Ant Group was mainly attributable to “investments in new growth initiatives and technologies, and the decrease in fair value of certain investments”. Both groups were cofounded by Chinese billionaire Jack Ma and Alibaba holds a 33% stake in Ant.
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 on Friday.
Alibaba said the decrease was mainly attributable to “investments in new growth initiatives and technologies, and the decrease in fair value of certain investments”.
Ecommerce group Alibaba reports profit from Ant one quarter in arrears.
Both groups were cofounded by Chinese billionaire Jack Ma and Alibaba holds a 33% stake in Ant.
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