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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