Alibaba Q3 net profit declines 20%

Alibaba.com posted a net profit of 236 million yuan ($35 million) for July-September versus a restated 296.6 million yuan a year earlier.

That beat an average analyst expectation of 222 million yuan profit, according to Thomson Reuters.

Alibaba.com said the lower net profit was the result of an increase in investment in technology and human resources.

Web commerce in China has surged in recent years, as buyers look to the Internet for better deals from more reliable suppliers in China’s highly fragmented retail sector.

Buying of goods by businesses from other businesses (B2B) reached a transaction volume of about 2.3 trillion yuan in 2008, according to Analysys International.

Alibaba.com’s revenue grew 32.1 percent as net additions to its premium fee-paying service, China Gold Supplier, rose 175.2 percent.

Source : Konaxis

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