Alibaba Group, owner of China’s largest e-commerce site, reported a 55 percent jump in third quarter profit, driven by a rise in subscribers and strong growth in value-added services. However, the firm warned of falling growth rates due to an expected slowdown in China’s exports.  

Alibaba’s net profit in the July-September quarter rose by a higher-than-expected 55 percent to 366 million Yuan ($55 million) from 236 million the year before, on revenue of 1.45 billion Yuan, a 40 percent increase.  Alibaba has benefited from China’s rapid urbanization and newfound wealth. The internet company – which started in Hangzhou, China in 1999 – now employs some 19,000 staff in 60 different cities across China, India, Japan, Korea, the United Kingdom and the United States.  Source:  CNBC Asia Pacific

BIIA Newsletter Novmember II – 2010 Issue