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August 15, 2009

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Alibaba profit tumbles in Q2

NET profit at Ltd, a leading e-commerce company, tumbled 34 percent in the second quarter from a year earlier.

Its net earnings in the quarter totaled 261 million yuan (US$38.2 million) compared with 397 million yuan in the same period of last year. Profit dropped 16 percent year on year in the first quarter.

The company will announce a major acquisition deal in the Chinese market in the next few month, Chief Executive Officer David Wei told a conference call late Thursday.

Revenue in the second quarter rose 23.6 percent year on year, or 12.6 percent quarter on quarter, to 908.3 million yuan.

The firm boosted its number of registered users by 31.5 percent from the year-earlier period to 42.7 million by the end of June, with 33.3 million in China and around 9 million in overseas markets.

There were 531,471 paying members by June 30, a rise of 44.4 percent from a year ago.

Its international revenue reached 574.8 million yuan, or 63 percent of its total revenue, and was an increase of 22.5 percent year on year. Alibaba will pay out a total of HK$1.01 billion (US$130 million) in dividends to its shareholders at 20 HK cents per share in September.

Its shares fell 3.22 percent to HK$19.24 yesterday, against a fall of 0.15 percent in the Hang Seng Index.



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