(Bloomberg) -the quarterly profit of Ant Group Co. rose more than 50-time after taking advantage of an investment gain, an important blessing for the Chinese fintech giant founded by Jack Ma.
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The Hangzhou -based online financing company contributed nearly 4.49 billion Yuan ($ 618 million) to the Alibaba Group Holding Ltd. About considering the importance of Alibaba in Ant, which translates into an estimated 13.6 billion Yuan in wins for the three months ending. 30, according to Bloomberg calculations based on the Alibaba winning report.
The profit of Ant remains a quarter behind Alibaba. The fintech company attributed the extensive profit to a net investment profit, versus a loss of such activities the previous year. The results compared to an increase in the 193% profit for the second quarter.
Ant refused to comment in an e -mail statement.
Alibaba placed its fastest pace of revenue growth in more than a year in the quarter of December, which reflects a change in its trading activities and large steps in the critical field of AI.
Sentiment for the technical sector of China improves, after President Xi Jinping met prominent entrepreneurs, including Ant and Alibaba co-founder Ma this week to indicate the approval of Beijing of the private sector. The Chinese billionaire has tried to motivate staff with visits, although Ma no longer holds management positions in Alibaba and Ant.
In December Ma rare appeared during the 20 -year anniversary of Ant and discussed the future of the company and opportunities offered by artificial intelligence. He acknowledged the challenges that Ant is confronted with, and added that the company has grown up and benefited from criticism.
Ant has entered some parts of AI. The company set up a unit last year to concentrate on the development of humanoid robot, said a spokesperson for Ant. The company has rolled out a package of services, including a “Life Assistant” app called Zhixiaobao, which helps people to order meals, to order Hagel Taxis and access other functions within its mobile payment app Alipay.
Last year Ans introduced broad revision for his company, setting up independent boards for the international, database and digital technology units to clear the way for future spin -offs.
The movements came after MA had given control of Ant in 2023. China closed his alignment from the once high-flying internet sector by making more than $ 1 billion in fines on Ant- and Tent Holdings Ltd in July 2023.
