Ant Group Sees Quarterly Profit Plummet 92% Year-On-Year

China’s Ant Group saw an eye-watering 92% year-on-year profit drop for the three months to September 31 last year, it has emerged from newly released figures.

The outfit made a net profit of 24.5 million yuan ($3.41 million), according to calculations from Alibaba Group Holdings’ earnings report which was released on Thursday.

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The e-commerce giant reports profit from Ant one quarter in arrears.

Chinese authorities announced a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance in July last year, ending a years-long regulatory overhaul of the fintech company.

Both groups were co-founded by Chinese billionaire Jack Ma and Alibaba has a 33% stake in Ant.

Reuters with additional editing by Sean O’Meara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.