Alibaba Q1 profit up as advertisers spend more
Alibaba GroupHolding Ltd, the e-commerce giant planning to go public in the US, said first-quarter profit surged as advertisers boosted spending on the Tmall and Taobao platforms. Net income almost tripled to $1.99 billion, or 84 cents a share, in the three months that ended in June, according to a filing on Wednesday with the US Securities and Exchange Commission. Revenue rose 46 percent in local currency to the equivalent of $2.54 billion. The figures are likely the last numbers investors will see before deciding whether to buy shares in what could be the largest IPO ever in the US capital market. biggest consumer, and India heads for a record crop, India’s biggest denim maker Arvind Ltd said. Futures declined for the first time in three days. Prices are poised to retreat to a range of 55 to 60 cents a pound by December, said Sanjay Lalbhai, chairman of the company. The harvest in the South Asian nation, the world’s second-largest grower, may jump to a record 40 million bales of 170 kilograms (375 pounds) each in the 12 months starting Oct 1, up from 37 million bales this year. Futures slumped 21 percent in New York, making it one of the worst performers on the Bloomberg Commodity Index of 22 raw materials, as global stockpiles increase to a record high. Shandong province, got 1 billion yuan ($163 million) in financing in the past two weeks, from lenders including Bank of China Ltd and Industrial & Commercial Bank of China Ltd, to pay for soybean and cooking oil cargoes, according to three traders and one banking official with knowledge of the matter.