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MENAFN - 12/11/2012

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(MENAFN) China's largest e-commerce firm Alibaba Group reported a 129 percent increase in quarterly profit on stronger sales, Reuters reported.

Yahoo Inc which sold a partial stake in Alibaba back to the privately-owned group in September, still holds 24 percent of Alibaba.

Yahoo said in its filing to the US Securities and Exchange Commission that Alibaba Group made USD273 million net attributable profit during the second quarter ended in June year-on-year. Revenue rose 71 percent to USD1.1 billion.

As for the first three quarters of 2012, Alibaba's profit grew by more than 300 percent to USD730.4 million, while revenue soared 74 percent to USD2.9 billion.

The results signalled a boom in China's e-commerce industry that was worth USD45 billion in gross transaction value in the second quarter.

 






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