BEIJING (dpa-AFX) - Chinese e-commerce giant Alibaba Group Holding Limited (BABA) on Thursday reported an 85 percent surge in profit for the fourth quarter from last year on strong revenue growth, mainly driven by the continued rapid growth of the company's China commerce retail business. Shares of the company are gaining almost 3 percent in pre-market activity.
Net income attributable to ordinary shareholders for the fourth quarter ended March 31, 2016 was RMB5.37 billion or $832 million, an increase of 85 percent from RMB2.89 billion in the same quarter last year. Earnings per share were RMB2.11 or $0.33, an increase of 88 percent from RMB1.12 in the prior year.
Adjusted earnings per share for the quarter were RMB3.02 or $0.47, compared to RMB3.00 last year.
GMV transacted on the company's China retail marketplaces was RMB742 billion, or $115 billion, an increase of 24 percent year-over-year, with mobile GMV accounting for 73 percent of total GMV.
Revenue for the quarter was RMB24.18 billion or $3.75 billion, an increase of 39 percent from RMB17.43 billion in the same quarter last year.
Daniel Zhang, Chief Executive Officer of Alibaba Group said, 'Alibaba Group finished the fiscal year on a very strong note. In March we surpassed RMB3 trillion in annual GMV and our revenue for the year was over RMB100 billion. We achieved strong growth in mobile users, active buyers and transactions.'
China retail marketplace revenue was RMB18.34 billion or $2.84 billion, an increase of 41 percent year-over-year. Mobile revenue was RMB24.18 billion or $3.75 billion, an increase of 39 percent year-over-year.
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