Ant Group, affiliated with China’s e-commerce giant Alibaba Group Holding, saw a 19% decrease in net profit, amounting to 7.87 billion yuan ($1.09 billion) for the three months ending on December 31, according to Reuters’ calculations based on Alibaba’s earnings release on Tuesday.
The financial results from Ant are reported with a one-quarter delay by the e-commerce conglomerate.
In July of the previous year, Chinese authorities imposed a fine of 7.12 billion yuan on Ant Group for breaching consumer protection and corporate governance laws, marking the culmination of a lengthy regulatory overhaul of the fintech firm.
Both companies were co-founded by Chinese billionaire Jack Ma, with Alibaba holding a 33% stake in Ant.
