Hangzhou, 4th May: Last week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the most recent quarter as well as for the year ended 31st March 2018. For the quarter ended 31st March, the company recorded revenues of US$9.9 billion, up 61% year-on-year. However, net income in the period fell 33%, down to US$1.1 billion. The company attributed the decrease to non-recurring disposal gains arising from sale of investments in the same quarter in 2017.

For the full financial year, revenues were US$40 billion, representing year-on-year growth of 58%. Net income in the year grew 49%, amounting at US$9.8 billion. Diluted earnings per share in the year were RMB 25.51 (US$3.91). About 5.5% of total revenues were generated from its B2B business, amounting US$2.2 billion. Revenues from Alibaba’s B2B business in China increased by 26% year-on-year, reaching US$1.14 billion, while its international B2B business generated US$1.06 billion, increasing by 10%.