Ant Group quarterly profit falls 10.25% to 12 billion yuan

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 (NYSE:BABA ) 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.

Source: Investing.com