Profits up 180pc as Alibaba preps bumper $20bn New York listing
CHINESE e-commerce giant Alibaba reported its profits almost tripled in the three months to the end of June.
Alibaba, which could float on the New York Stock Exchange in the coming weeks, filed papers with the US Securities and Exchange Commission showing profits jumped to 12.34bn yuan (£1.2bn), from 4.38bn yuan during the same period last year. Revenues rose 46 per cent to 15.77bn yuan.
Alibaba’s float is expected to take place during the beginning of September, is likely to raise as much as $20bn for the company, valuing it at up to $200bn.
“Our current focus is on increasing mobile (gross merchandise volume) and user engagement,” said Alibaba.
Mobile sales were particularly strong, accounting for 32.8 per cent of total gross merchandise volume, and monthly users rose to 188m.