Ant Group quarterly profit falls 10.25% to 12 billion yuan

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August 15, 2024 6:48 AM EDT

Ant Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/ File Photo

SHANGHAI (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 holds a 33% stake in Ant.

(Reporting by Casey Hall; editing by Jason Neely)


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