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Chinese Alibaba's income soars 63% in April - June period

Anadolu Agency BUSINESS
Published August 10,2023
The logo of Alibaba Group is lit up at its office building in Beijing, China August 9, 2021. (REUTERS File Photo)

The Alibaba Group saw its net income rise 63% in April - June period, compared to the same period last year, according to a financial results statement released Thursday.

Net income attributable to shareholders soared to 33 billion yuan ($4.5 billion), from 20.3 billion yuan, in the quarter that ended June 30.

The e-commerce company posted revenue of 234 billion Chinese yuan from 205 billion yuan for a year-on-year gain of approximately 14%.

International commerce retail jumped to 17.1 billion yuan, from 10.7 billion yuan, during that time -- a gain of almost 60%.

"Alibaba delivered a solid quarter as we continue to execute our Reorganization, which is beginning to unleash new energy across our businesses," said Chairman and CEO Daniel Zhang.

Toby Xu, chief financial officer, said earnings before interest, taxes, depreciation, and amortization increased 32% year-on-year "due to improvements across all business segments."