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.
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).