SHANGHAI (Reuters) – China’s Ant Group made net profit of 13.37 billion yuan ($1.85 billion) in the three months to March 31, up 17.5% from a year earlier, according to Reuters calculations from Alibaba Group Holding’s earnings report released Thursday.
The e-commerce giant reports profit from Ant one quarter in arrears.
Alibaba, which spun off Ant 12 years ago, said last month it had decided not to participate in Ant’s proposed share buyback and would maintain its shareholding in the firm.
Chinese authorities in July announced a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company.
($1 = 7.2097 Chinese yuan renminbi)
(Reporting by Casey Hall; Editing by Bernadette Baum)
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