SHANGHAI (Reuters) – China’s Ant Group made net profit of 24.5 million yuan ($3.41 million) in the three months to Sept. 31, down 92% from a year earlier, according to Reuters calculations from Alibaba Group Holding’s earnings report released on Thursday.
The e-commerce giant reports profit from Ant one quarter in arrears.
Chinese authorities last 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. Both groups were co-founded by Chinese billionaire Jack Ma and Alibaba has a 33% stake in Ant.
(Reporting by Casey Hall, Editing by Louise Heavens)
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