Alibaba Pictures back in the black

Alibaba Pictures, (1060) a film company under the Alibaba (9988), swung to a net profit of 463.8 million yuan (HK$496.7 million) for the six months ended September from a net loss of 22.3 million yuan in the same period last year.

Revenue surged 43 percent year on year to 2.6 billion yuan due to the swift recovery of the entertainment consumer market and the dynamic growth of the offline entertainment industry during the period, it said.

In September 2023, the company said it intends to acquire Damai's performance business from Alibaba Investment for a total consideration of US$167 million (HK$1.30 billion).

Daimai is a leading online ticketing platform in China.

Staff reporter