Ant Group profit down 19% to 7.87 billion yuan
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People stand at the booth of Ant Group at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. REUTERS/Florence Lo/File Photo
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)
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