Hangzhou, 18th May: Last week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the quarter and the year ended 31st March 2017. For the quarter ended 31st March, the company recorded revenues of US$5.6 billion, up 60% year-on-year. Net income in the period jumped 85%, reaching US$1.4 billion.
Revenues from Alibaba’s China B2B business, primarily generated through the 1688.com platform, grew by 36% to US$213 million; while the company’s international B2B business, primarily from Alibaba.com, increased 8.2%, amounting at US$219 million. In total, B2B revenues for the quarter amounted to US$432 million, which represents7.7% of overall revenues.
For the year ended 31st March 2017, revenues were US$23 billion, representing year-on-year growth of 56%. Net income in the financial year decreased by 42%, down to US$6.0 billion. The decline of net income was due to the increase in company’s costs and expenses. Diluted earnings per share in the year were RMB 16.97 (US$2.47).
In the financial year, about 7.4% of total revenues were generated from its B2B business, amounting US$1.7 billion. Revenues from the China B2B business increased by 32% year-on-year, reaching US$825 million and the international B2B business generated US$872 million, increasing by 11%.
Source: Alibaba Group press release