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Alibaba reports strong revenue growth in FY16
May '16
E-commerce giant, Alibaba Group reported a strong revenue growth of 33 per cent in fiscal 2016, ended March 31, of RMB 101.143 billion as compared to RMB 76.204 billion in the previous fiscal because of continued growth in the Chinese commerce retail business.

Total China commerce business reported revenue of RMB 84.321 billion in fiscal 2016 as compared to RMB 62.937 billion in the previous fiscal, a growth of 34 per cent. Retail commerce comprised RMB 80.033 billion in FY16 as compared to RMB 59.732 billion in the previous year.

Wholesale commerce comprised RMB 4.288 billion this year as compared to RMB 3.205 billion previously.

Commenting on the fiscal 2016 results, Daniel Zhang, Chief Executive Officer of Alibaba Group said, “Alibaba Group finished the fiscal year on a very strong note. We achieved strong growth in mobile users, active buyers and transactions.”

“Our focus on long-term strategic priorities – globalisation, rural expansion, building a world-class cloud computing business and creating a comprehensive media and entertainment platform – has laid a strong foundation for future growth,” he added.

Net income for the fiscal was RMB 71.289 million as compared to RMB 24.320 million in the previous fiscal.

Diluted earnings per share for fiscal 2016 stood at RMB 27.89 as compared to RMB 9.70 for FY15. (MCJ)

Fibre2Fashion News Desk - India

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