China's Alibaba Group Q2 net profit doubles: SEC filing
China's Alibaba Group more than doubled its April-June net profit and grew sales by 71 percent for the period, proving the country's largest e-commerce firm has shrugged off intensifying competition in the sector.
Yahoo Inc which sold a partial stake in Alibaba back to the privately-owned group in September, still holds 24 percent of Alibaba.
According to a Yahoo filing to the U.S. Securities and Exchange Commission on Thursday, Alibaba Group's net attributable income for the quarter was $273 million, up 129 percent from a year ago. Revenue rose 71 percent to $1.1 billion.
Alibaba's profit for the first nine months of the year was up more than 300 percent to $730.4 million, while revenue was up 74 percent to $2.9 billion.
Alibaba's soaring growth reflects the underlying boom in China's e-commerce industry that was worth 278.84 billion yuan ($45 billion) in gross transaction value in the second quarter.
Alibaba said it recorded its highest one-day gross transaction value, at 19.1 billion yuan ($3.06 billion), on Sunday. ($1 = 6.2450 Chinese yuan)