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July 18, 2013

Alibaba China Tripled Profit

China’s biggest ecommerce-operator Alibaba Group Holdings actually triples its profit in the first quarter of the current fiscal year due to a sharp rise in sales. Course of sales growth the company has taken on a background of preparation for entering the public market.

In the reporting period, Alibaba showed growth in net profit to $ 669 million, versus $ 220 million for the period March to June 2012. Sales rose 71% to $ 1.4 billion, from $ 1.1 billion a year earlier.

At present, China’s main activity is the management of Alibaba ecommerce-site, allowing local entrepreneurs to sell products and services, as well as Asian payment system Alipay. The founder [...]

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