(Source: Inside Retail Asia | 19 May 2017)
Alibaba Group revenue jumped 56 percent to RMB158.27 billion (US$22.96 billion) for its latest fiscal year, even as net income fell 42 percent to RMB41.23 billion.
The company attributes the fall to a larger tax bill plus investments in cloud computing.
Fourth-quarter sales to the end of March rose for the seventh consecutive quarter to RMB38.58 billion, while net income jumped 85 percent to RMB9.85 billion.
CEO Daniel Zhang says the outstanding results demonstrate the company’s ability to engage and monetize the half a billion consumers across its platforms.
“Our core commerce segment continued its significant growth and strong cash flow at large scale, enabling our aggressive investment in cloud computing, digital media and entertainment.”
Revenue growth for the quarter accelerated to 60 percent, the highest rate since the group’s IPO.
Alibaba says its international consumer platform AliExpress and Lazada achieved 83 million annual active buyers combined for the year. AliExpress has 16 local-language sites, including French, Russian and Spanish.
During the quarter, Alibaba worked with government agencies to launch an e-hub for trade clearance and logistics in Malaysia under its Electronic World Trade Platform (eWTP) initiative to enable cross-border trade between China and Southeast Asian countries.
Read More: https://insideretail.asia/2017/05/19/alibaba-group-revenue-up-but-profit-down/#daily
