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Alibaba Group's Jan-March net profit soars-SEC filing
* Yahoo filing shows Alibaba Q1 net at $220.5 mln vs $29.6 mln yr ago
* Alibaba first-quarter revenue hits $805 million
SHANGHAI Aug 10 (Reuters) - Alibaba Group, China's largest e-commerce company, posted a 64.2 percent rise in revenue in the January-March quarter and its net profit jumped more than sixfold to $220.5 million, according to a U.S. Securities and Exchange Commission filing.
The filing from Yahoo Inc, which owns 40 percent of Alibaba, is the first to show how strongly one of China's most closely followed Internet companies performed during the period. Privately-owned Alibaba is not required to publicly disclose financial statements.
Alibaba, which runs the Taobao Marketplace, China's largest business-to-consumer e-commerce website and Alibaba.com, China's largest business-to-business platform, made $805.9 million in sales in the quarter ended March 31, the filing showed. ()
Net income rose 645 percent to $220.5 million from $29.6 million in the first quarter from the same period a year ago. For the six months that ended March 31, Alibaba's revenue rose 76.7 percent to $1.83 billion, while net profit rose 638.9 percent to $457.4 million.
Alibaba officials declined to comment on the results and would not elaborate if the gains were from one-off items.
The Yahoo filing shows Alibaba's income from operations rising to $490 million in the six months ended March 31 from $73.2 million in the same period a year ago, a jump of about 569 percent.
Alibaba's business model revolves around online advertising through its Taobao Marketplace and subscription fees from Alibaba.com and Taobao Mall. Taobao accounted for almost two-thirds of $2.8 billion group revenue in 2011.
Yahoo agreed in May to sell back part of its stake to Alibaba. Under the agreement, Yahoo was to sell one-half of its stake in Alibaba for at least $6.3 billion in cash and up to $800 million in new Alibaba preferred stock.
Banking sources told Reuters that Alibaba Group could rival Facebook with a valuation of $100 billion when it lists its shares, possibly by 2015.
Based on the latest first-quarter results, Tencent Holdings is China's largest Internet company by revenue, followed by Alibaba Group and then by Baidu Inc.
China's rapidly growing e-commerce industry is estimated by Boston Consulting Group to become the world's largest by 2015, worth more than 2 trillion yuan ($314.5 billion).
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