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Alibaba's H1 net profit rises 39.8%

2010-08-11 09:40

HONG KONG - Business-to-business Internet company Limited said on Tuesday its net profit in the first half of 2010 was 693 million yuan ($102 million), representing a 39.8 percent year-on-year growth.

Total revenue during the period was 2,587 million yuan, up 49 percent compared to the first half of 2009.

The increase was driven by strong acquisition of paying members as well as increased revenue from value-added services on both international and national marketplaces, said Alibaba in the company's announcement published on the website of Hong Kong Exchanges on Tuesday.

As for the outlook, Alibaba said although export from China will continue to grow, the year-on-year export growth rate in coming quarters will continue to slow down due to the major uncertainties in raising costs for labor and raw materials, appreciation pressure on renminbi, as well as the latest challenges faced by the major buyer markets.

Alibaba shares rose 0.26 percent to close at HK$15.46 ($1.99) in Hong Kong trading before the announcement.

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