That compares with a 17% rise in Ant’s profit in the previous three months. Its earnings lag a quarter behind Alibaba’s.
Ant Group Co’s quarterly profit fell by 65%, dented by a one-time fine that signalled the end of China’s yearslong crackdown on the tech industry.
The Hangzhou-based company contributed RMB846 million yuan of profit to its affiliate Alibaba Group Holding, a filing showed Thursday. Based on Alibaba’s one-third stake in Ant, that translates to an estimated RMB2.6 billion in profit for the fintech company’s June quarter.
