Ant Group profit down 19% to 7.87 billion yuan

By Thomson Reuters May 14, 2024 | 5:54 AM

SHANGHAI (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 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 holds a 33% stake in Ant.

($1 = 7.2342 Chinese yuan renminbi)

(Reporting by Casey Hall; editing by Jason Neely)