China’s Ant Group saw an eye-watering 92% year-on-year profit drop for the three months to September 31 last year, it has emerged from newly released figures.
The outfit made a net profit of 24.5 million yuan ($3.41 million), according to calculations from Alibaba Group Holdings’ earnings report which was released on Thursday.
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The e-commerce giant reports profit from Ant one quarter in arrears.
Chinese authorities announced a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance in July last year, ending a years-long regulatory overhaul of the fintech company.
Both groups were co-founded by Chinese billionaire Jack Ma and Alibaba has a 33% stake in Ant.
- Reuters with additional editing by Sean O’Meara
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