Chinese online trading giant Alibaba today reported a loss of nearly 974,700,000 euros in the last quarter of the financial year. The result is due to a record fine imposed on it by the Chinese regulator for impeding competition, AFP reported.
Founded by charismatic billionaire Jack Ma, the company was fined 2.3 billion euros in April for abusing a dominant position. The amount of the sanction represents 4 percent of Alibaba’s turnover for 2019. Without the fine, Alibaba would have made a profit of 26.21 billion yuan (3.3 billion euros), the group said in a statement.
Despite problems with the Chinese regulator, Alibaba expressed optimism about its results for the current year. The group has aspired to achieve a turnover of over 930 billion yuan (119.2 billion euros).
Last year, the Chinese regulator did not allow the planned giant listing of the Ant Group, associated with the Alibaba Group, which could bring it $ 34 billion in its listing in Hong Kong.
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