Patrick Frater Asia Bureau Chief Alibaba, China’s e-commerce and entertainment giant, announced net profits of $10.6 billion for its financial year to the end of March, a year-on-year increase of 39%.
The rebound was achieved on revenues of $126 billion that were up by just 2%. Using the group’s preferred non-GAAP measure to exclude extraordinary items, net income rose by a smaller 4%, but weighed in at over $20 billion.
The importance of the overall figures has been rendered moot by Alibaba’s end of March announcement that it plans to transform itself from an operating company into a holding company, by allowing each of its six divisions to go their own way. “[The] board has approved the process to start external financing for Alibaba International Digital Commerce Business Group; exploration of an IPO for Cainiao Smart Logistics Group; and execution of an IPO for Freshippo,” the company said on Thursday.
Alibaba has media and entertainment operations and holdings that include China’s number three long-form video streaming platform Youku, one of the country’s two largest cinema ticketing agencies (Taopiaopiao), a web browser, ownership of the South China Morning Post newspaper in Hong Kong and various holdings in cinema operators and film production companies.
Read more on variety.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.