Strong Summer Box Office Helps Alibaba’s Film and Music Businesses Cut Losses in Quarter
variety.comPatrick Frater Asia Bureau Chief Alibaba, China’s e-commerce and entertainment giant, revealed a 9% revenue improvement and a return to profits in the three months to the end of September, the second quarter of its financial year.
The group, which is in the process of breaking itself up into six separate businesses, had revenue of RMB225 billion ($30.8 billion).
Net income of RMB26.7 billion ($3.66 billion) compared with a net loss of RMB22.5 billion in the same period last year. But the group explained that this bottom-line swing largely reflected revaluation of its investment assets – down a year ago, and up again in the July-September quarter.
Using Alibaba’s preferred analysis of profitability, non-GAAP net income, the group recorded a 19% improvement in profits. Non-GAAP net income rose from RMB33.8 billion a year ago to RMB40.1 billion ($5.51 billion) this time around.
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