E-tailer Alibaba triples profits

E-tailer Alibaba triples profits

Chinese group of online platforms Alibaba saw its net profits rise to 510 million euro in the first quarter of 2013. That is three times as much as in the same period of the previous year.

Worth 48 billion dollar

CEO Jack Ma said in 2012 he wanted to go public with Alibaba within five years. The total worth of the group, which focuses on B2B and B2C platforms, is currently estimated at about 48 billion dollar.

 

The worth of Alibaba is also influenced by the growth of the Chinese market and that market is far from mature and thus has some potential left in it. In the first quarter sales of the company ended up at 1.07 billion euro, 71% more than in 2012.

 

Commotion about Tienanmen statement

The results of Alibaba were announced by American Yahoo, which has an interest of 24% in the Chinese online player.

 

Meanwhile an online petition is asking CEO Jack Ma to apologise for a statement he made in 1980 during the violent crackdown of the protest on Tienanmen Square in Beijing. He had said party leader Deng Xiaoping had acted decisively.

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