Alibaba posts revenue jump ahead of IPO
Print Edition
CHINA’S Alibaba Group Holding Ltd, which is expected to go public in New York as early as next month, reported a 46 percent jump in quarterly revenue as growth in the world’s largest e-commerce market showed no signs of slowing.
Alibaba accounts for about 80 percent of all online retail sales in China, where rising Internet usage and an expanding middle-class helped the company generate gross merchandise volume of US$296 billion in the 12 months ended on June 30.
The company had 279 million active buyers at the end of June, up 50 percent from a year earlier.
Revenue from Alibaba’s China commerce business increased about 46 percent to US$2.15 billion, accounting for most of the total revenue of US$2.54 billion in the quarter ended in June.
Net income attributable to ordinary shareholders nearly tripled to US$1.99 billion, or 84 cents per share.
The company said Chairman Jack Ma owned 8.8 percent of the company’s ordinary shares and Japan’s Softbank Corp 34.1 percent at the end of the quarter. Yahoo Inc owns almost a quarter of the company.
Alibaba’s initial public offering, which could top US$16 billion to become the largest-ever technology IPO, is expected after the company starts an investor roadshow next week.
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