Ant Group quarterly profit falls 60pc to US$663 million

Chinese fintech company Ant Group posted a 60.5 percent slide in net profit to 4.74 billion yuan (HK$5.16 billion) in the three months to March 31, according to Reuters calculations based on earnings reported by stakeholder Alibaba (9988) on Friday.

Alibaba said the decrease was mainly attributable to "investments in new growth initiatives and technologies, and the decrease in fair value of certain investments".

E-commerce group Alibaba reports profit from Ant one quarter in arrears.

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

REUTERS