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Alibaba's growth at slowest in 2 years
Source: Agencies |
November 25, 2011, Friday
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Print Edition
Print Edition
ALIBABA.COM, China's largest e-commerce firm, yesterday posted an 11.9 percent rise in quarterly net profit, its slowest growth in nearly two years.
The results missed forecasts by analysts and were attributed to a weak macro-economic climate that led to a slower pace of customer growth.
The listed unit of Alibaba Group operates an e-commerce website that links Chinese businesses to overseas buyers. Alibaba.com's exposure to international markets makes its turnover sensitive to the performance of major economies such as those of the US and Europe.
Alibaba.com said in its earnings statement: "The third quarter of 2011 presented a picture filled with challenges arising from the weaknesses in the US economy and debt troubles in the eurozone, which have threatened to spin out of control.
"We are more cautious about the global economic outlook and believe it may have a prolonged impact on China's export sector."
Growth in China's factory output is likely to fall slightly to between 12 and 13 percent in 2012 due to weakening global demand, the industry ministry said yesterday, but that level probably still implies a comfortable gross domestic product growth of between 8 and 9 percent.
Alibaba.com's Chief Executive Jonathan Lu said: "Despite the stress posed by the external environment, we will stay focused on upgrading our business model and building quality, trustworthy e-commerce platforms."
Net profit for the third quarter rose to 409.7 million yuan (US$63 million) from 366.1 million yuan a year earlier, below an average forecast of 432.2 million yuan from three analysts polled by Reuters.
Revenue grew 10.6 percent to 1.6 billion yuan. Revenue from the international marketplace rose 11.8 percent to 947.5 million yuan.
The results missed forecasts by analysts and were attributed to a weak macro-economic climate that led to a slower pace of customer growth.
The listed unit of Alibaba Group operates an e-commerce website that links Chinese businesses to overseas buyers. Alibaba.com's exposure to international markets makes its turnover sensitive to the performance of major economies such as those of the US and Europe.
Alibaba.com said in its earnings statement: "The third quarter of 2011 presented a picture filled with challenges arising from the weaknesses in the US economy and debt troubles in the eurozone, which have threatened to spin out of control.
"We are more cautious about the global economic outlook and believe it may have a prolonged impact on China's export sector."
Growth in China's factory output is likely to fall slightly to between 12 and 13 percent in 2012 due to weakening global demand, the industry ministry said yesterday, but that level probably still implies a comfortable gross domestic product growth of between 8 and 9 percent.
Alibaba.com's Chief Executive Jonathan Lu said: "Despite the stress posed by the external environment, we will stay focused on upgrading our business model and building quality, trustworthy e-commerce platforms."
Net profit for the third quarter rose to 409.7 million yuan (US$63 million) from 366.1 million yuan a year earlier, below an average forecast of 432.2 million yuan from three analysts polled by Reuters.
Revenue grew 10.6 percent to 1.6 billion yuan. Revenue from the international marketplace rose 11.8 percent to 947.5 million yuan.
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