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SHANGHAI (Reuters) – China’s Ant Group reported a 192.9% rise in internet revenue to 7.59 billion yuan ($1.05 billion) within the three months to March 31, based on Reuters calculations primarily based on Alibaba Group Holdings’ earnings launched on Friday.
The e-commerce large reviews revenue from Ant one quarter in arrears.
The close to tripling of Ant Group’s revenue from a yr earlier was largely because of a 7.07 billion yuan tremendous levied on the group a yr earlier by the Chinese language authorities for violating legal guidelines regarding shopper safety and company governance, ending a years-long regulatory overhaul of the fintech firm.
Each teams have been co-founded by Chinese language billionaire Jack Ma and Alibaba holds a 33% stake in Ant.
($1 = 7.2275 Chinese language yuan renminbi)
(Reporting by Casey Corridor; Modifying by Susan Fenton)
