China’s Internet trading company Alibaba made a profit of 62 billion yuan (8.7 billion euros) in the financial year ended March, down 59% from the previous fiscal year.
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The company said on Thursday that it had lost 16.2 billion yuan (2.3 billion euros) in the last quarter of the financial year in January-March, adding that future performance could not be predicted due to the risks posed by Covid-19.
Turnover in January-March increased by 9% to 204.1 billion yuan (286.1 billion euros).
China’s economy has been shaken in recent months by severe restrictions on Covid-19, which have prevented consumers from going home, increased urban unemployment and hampered supply chains.
Alibaba’s operations are also affected by widespread regulatory restrictions they have blamed on China’s largest technology company for distorting competition.
The initial public offering (IPO) of Alibaba’s digital payment company Ant Group was recently canceled and the company fined € 2.6 billion for unfair practices.
