Alibaba Q1 profit up as ad­ver­tis­ers spend more

China Daily (Canada) - - BUSINESS -

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.

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