Economic news

Ant Group Profit Down 19% to 7.87 bln Yuan

SHANGHAI, May 14 (Reuters) - China's Ant Group posted a 19% fall in net profit of 7.87 billion yuan ($1.09 billion) in the three months to Dec. 31, according to Reuters calculations based on Alibaba Group Holding's earnings released on Tuesday.

The e-commerce giant reports profit from Ant one quarter in arrears.

Chinese authorities last announced a fine of 7.12 billion yuan for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company.

Both groups were co-founded by Chinese billionaire Jack Ma and Alibaba holds a 33% stake in Ant.

($1 = 7.2342 Chinese yuan renminbi)

Reporting by Casey Hall; editing by Jason Neely

Source: Reuters

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