Billionaire Jack Ma’s Ant Group generated about 9.2 billion yuan ($1.3 billion) of profit in the March quarter, offering investors a glimpse of its earnings power in the run up to its mega initial public offering.
That’s an increase of about 560% compared with the same time last year. The company contributed 3 billion yuan in earnings for its backer Alibaba Group Holding Ltd., which owns 33% of Ant, according to the e-commerce platform’s first fiscal quarter earnings. Based on its equity share, that would roughly translate to 9.2 billion in profit for Ant. A representative for Ant declined to comment.