Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Friday, June 22, 2018 11:03:21 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Alibaba quarterly profits almost double to $1.55b

By
20th-May-2017       
Comments
Share your thought
Post a comment »
Read all () »

AFP, Beijing :
Chinese e-commerce giant Alibaba said Thursday its net profit almost doubled in the latest quarter on the back of soaring growth in online shopping.
Alibaba, which has made billionaire founder Jack Ma one of China's richest men, is a dominant player in online commerce and its robust earnings highlight the strength of the sector even as the country's broader economy sputters.
Net profit attributable to ordinary shareholders soared 98 percent from a year ago to 10.65 billion yuan ($1.55 billion) in the quarter ended March 31, the company said in a statement.
That was on the back of a faster-than-expected 60 percent surge in revenue to 38.58 billion yuan-a key figure for gauging China's increasingly important consumer sector.
Flushed with cash, Alibaba said it had authorised a $6 billion buyback to take place over two years.
"Our robust results demonstrate the strength of our core businesses, as well as the positive momentum of our emerging businesses, including cloud computing, where we continue to see strong growth," said Maggie Wu, Alibaba's chief financial officer.
Full-year net profit fell 39 percent to 43.68 billion yuan, dragged down by a weak performance in the first six months of the year.
Alibaba's Taobao platform is estimated to hold more than 90 percent of the consumer-to-consumer market. Its Tmall platform is believed to handle over half of business-to-consumer transactions.
But China's largest online shopping portal has been on the defensive since the office of the US Trade Representative put Taobao on its annual blacklist in December, saying it was not doing enough to curb sales of fake and pirated goods.
Alibaba, often compared to eBay or Amazon of the United States, has been expanding outside its core e-commerce business into sectors ranging from sports to entertainment.
Alibaba vice chairman Joseph Tsai told a conference call the company is seeking to capitalize on changes in the Chinese economy.
"Chinese consumers are driving the shift of the Chinese economy from an export and investment-led to a consumption-led economy," Tsai said.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Addressing the causes of people`s displacement is the real option for tackling the refugee crisis


LIKE many other countries, World Refugee Day was observed in the country on Wednesday at a time when the world's third largest refugee group Rohingya is living in the overcrowded camps in Cox's Bazar. The UNHCR reported that 68.5 million people are living in different refugee camps across the world. ...

Football »

Denmark`s Christian Eriksen is congratulated by his teammate Yussuf Yurary Poulsen after scoring the opening goal during the group C match between Denmark and Australia at the World Cup match in Samara, Russia on Thursday. Denmark, Australia match ended 1-1 draw.


Football »

Spain's Diego Costa (right) celebrates with his teammate Isco after scoring his side's opening goal during the group B match between Iran and Spain at the 2018 soccer World Cup at the Kazan Arena in Kazan, Russia, on Wednesday.


Entertainment »

Neetu to ring in her birthday with Rishi Kapoor in Paris


Neetu Kapoor will soon be turning 60 on July 8 and if the latest reports are to be believed, the actress already has special plans. Neetu Kapoor will soon be flying to Paris to ring in her birthday with husband Rishi Kapoor, son Ranbir Kapoor, daughter Riddhima Kapoor Sahni and ...

Entertainment »

Salman to kick-start the shooting schedule of Bharat on July 17


Priyanka Chopra and Salman Khan are ready to be seen together on the big screen after a decade in Bharat. The film also stars Disha Patani and is an adaptation of South Korean film, Ode to My Father. Directed by Ali Abbas Zafar, this project has been in the limelight ...

National »

SYLHET: Leaders of Bangladesh Bar Council, Sylhet District Unit greeting Finance Minister Abul Maal Abdul Muhith MP during his visit in Sylhet recently.


International »

Erdogan seeks new term with greater powers


AP, Ankara :Since he took office in 2003, President Recep Tayyip Erdogan has given a name to each stage in his consolidation of power in Turkey. First he called himself the apprentice; then the journeyman; and latterly the master. Now, he says a new five-year term would elevate him to ...

City »

City-bound passengers returning after celebrating Eid-ul-Fitr with their near and dear ones at their ancestral homes. The snap was taken from Mawaghat on Thursday.


Entertainment »

Race 3 inches towards Rs 200 cr mark


Salman Khan's film Race 3 is unstoppable. The film, which hit screens on June 15, is giving all sorts of reasons for the star cast to celebrate. The Remo D'Souza directorial had already crossed the benchmark of Rs 100 crore at the Indian box office. But interestingly, the Salman fever ...

Editorial »

Unfortunately government has no political leadership to restore peace in Chattogram Hill Tracts


THREE more activists of Parbatya Chattogram Janasanghati Samity (MN Larma) and United People's Democratic Front (Democratic) were shot dead at their homes in Rangamati and Khagrachhari districts between Friday and Sunday. Conflicts between different groups in Chattogram Hill Tracts have led to the death of at least 22 people in ...

Business & Economy »

Shibbir Mahmud, Chairman, Board of Directors of Islamic Finance and Investment Limited, presiding over its 236th meeting at its head office in the city recently. AZM Saleh, Managing Director, Rezakul Haider, Anis Salahuddin Ahmad, Vice-Chairmen, Anwar Hossain Chowdhury, EC Chairman, Md. Jahidur Rahman, Audit Committee Chairman, SM Bakhtiar Alam, Hossain Mahmud, Liaquat Hossain Moghul and KBM Moin Uddin Chisty, Directors of the company were also present.


International »

China-N Korea joint efforts to bring peace, stability in Korean peninsula, hopes Xi


Reuters, Beijing : Chinese President Xi Jinping told visiting North Korean leader Kim Jong Un on Wednesday that with the joint efforts of the two countries, the Korean peninsula will definitely be peaceful and stable, official news agency Xinhua said.Xi made the comments during a meeting at Beijing's Diaoyutai state guest ...

Football »

Putin missed Russia-Egypt match but 'happy' at win


AFP, Moscow :The Kremlin on Wednesday said Vladimir Putin did not watch Russia's surprise win over Egypt in the World Cup because he was on a plane but added that he reacted "very positively, like the whole of our country".  "Unfortunately, he did not watch the match itself. It so ...

City »

BNP Standing Committee Member Barrister Moudud Ahmed speaking at a prèss conference at the party central office in the city's Nayapalton on Wednesday in protest against his confinement by police in Noakhali.


Editorial »

Death of another prosecution witness : Too difficult to accept as an accident


NO sooner had the Eid vacation come to an end but another murder shocked us all. The decapitated body of Sumon Zahid, a witness in a war crimes case and also the son of martyred journalist Selina Parvin was found dead in the capital's Khilgaon the day before yesterday. There ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news