China's Ant Group's profit down by 19% to 7.87 billion yuanChinese authorities last July announced a fine of 7.12 billion yuan for Ant Group for violating laws concerning consumer protection and corporate governance.
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The Ant Group logo.
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Shanghai: China's Ant Group posted a 19 per cent fall in net profit of 7.87 billion yuan ($1.09 billion) in the three months to December 31, according to Reuters calculations based on Alibaba Group Holding's earnings released on Tuesday.
The e-commerce giant reports profit from Ant one quarter in arrears.
Chinese authorities last July announced a fine of 7.12 billion yuan for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company.
Both groups were co-founded by Chinese billionaire Jack Ma and Alibaba holds a 33 per cent stake in Ant.