Chinese e-commerce giant Alibaba Group, which unveiled a US listing plan last month, posted a net profit of US$1.35 billion for the fourth quarter of 2013, more than double the year-earlier level.
The higher-than-expected profit came after a Singles’ Day shopping spree by Chinese consumers in the quarter as well as other promotional activities in November, the Hong Kong Economic Journal reported, citing figures unveiled by Alibaba’s major shareholder Yahoo Inc. on Wednesday
Chinese youth mark November 11 as the Singles’ Day to celebrate the joys of being unmarried.
Sales revenue in the fourth quarter was up 66 percent from a year earlier at US$3.06 billion, while the gross profit margin rose 2.6 percentage points to 77.5 percent during the period.
Analysts were quoted as saying that the strong earnings will help boost Alibaba’s valuation during its listing.
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