Alibaba, China’s e-commerce and entertainment giant, announced net profits of $10.6 billion for its financial year to the end of March, a year-on-year increase of 39%. The rebound was achieved on r…
, China’s e-commerce and entertainment giant, announced net profits of $10.6 billion for its financial year to the end of March, a year-on-year increase of 39%. The rebound was achieved on revenues of $126 billion that were up by just 2%.
The importance of the overall figures has been rendered moot by Alibaba’s end of March announcement that it plans to transform itself from an operating company into a holding company, by allowing each of its six divisions to go their own way. Alibaba has media and entertainment operations and holdings that include China’s number three long-form video streaming platform, one of the country’s two largest cinema ticketing agencies , a web browser, ownership of the South China Morning Post newspaper in Hong Kong and various holdings in cinema operators and film production companies.
It recorded an EBITA loss of RMB1.87 billion , compared to a loss of RMB4.69 billion in fiscal year 2022, “primarily due to the narrowing of loss from Youku driven by disciplined investment in content and production capability.”
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