Alibaba's net income doubles
Source: Bloomberg News |
May 8, 2013, Wednesday
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Print Edition
Print Edition
ALIBABA Group Holding Ltd, China's largest e-commerce company, saw profit that doubled in the three months ended in December after commissions may have increased.
Net income at Hangzhou-based Alibaba jumped to US$642 million in the quarter through December from US$237 million a year earlier, according to a Yahoo! Inc filing to the Securities and Exchange Commission. Revenue rose 80 percent to US$1.8 billion, the California-based Yahoo, which owns about 24 percent stake in Alibaba, reported.
Alibaba doesn't sell merchandise itself. Instead, it runs platforms including Taobao Marketplace and Tmall.com that connect retail brands with consumers, a cross between Amazon.com Inc and eBay Inc. The estimated value of goods sold on Alibaba this year could reach about US$330 billion as more Chinese consumers shop online, said Alex Wang Tingting, a Beijing-based analyst at Internet consulting group iResearch.
"The results were better than we expected probably because of stronger revenue from commissions," Wang said. "This will be positive for their anticipated IPO."
Jack Ma, Alibaba's executive chairman, said last year that the firm may go public within five years. While Alibaba has said it has no timetable for an initial public offering, analysts are seeing an IPO this year or next. The valuation may hit US$62.5 billion, according to the median of eight estimates by investment banks and research firms since February.
Net income at Hangzhou-based Alibaba jumped to US$642 million in the quarter through December from US$237 million a year earlier, according to a Yahoo! Inc filing to the Securities and Exchange Commission. Revenue rose 80 percent to US$1.8 billion, the California-based Yahoo, which owns about 24 percent stake in Alibaba, reported.
Alibaba doesn't sell merchandise itself. Instead, it runs platforms including Taobao Marketplace and Tmall.com that connect retail brands with consumers, a cross between Amazon.com Inc and eBay Inc. The estimated value of goods sold on Alibaba this year could reach about US$330 billion as more Chinese consumers shop online, said Alex Wang Tingting, a Beijing-based analyst at Internet consulting group iResearch.
"The results were better than we expected probably because of stronger revenue from commissions," Wang said. "This will be positive for their anticipated IPO."
Jack Ma, Alibaba's executive chairman, said last year that the firm may go public within five years. While Alibaba has said it has no timetable for an initial public offering, analysts are seeing an IPO this year or next. The valuation may hit US$62.5 billion, according to the median of eight estimates by investment banks and research firms since February.
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