Alibaba warns of profit margins cut
Alibaba.com (HKSE 1688) posted a net profit of RMB 1.2 billion for the year ended December 31, 2008, representing a 25 per cent increase over last year. Meanwhile, its fourth quarter net profit dropped 35.4 per cent compared with the third quarter in 2008.
Reuters reported that Alibaba chief executive officer David Wei ’s disclosure of a further cut of the company’s profit margins in 2009 was foreseeable as it was a year of accelerating investment.
Mr Wei said they continued to be confident in China’s economy, in eCommerce.
The B2B internet company has spent HK93 million buying back 14 million shares on the market. The share-buyback plan would still be effective through the end of 2009, subject to renewal of the repurchase mandate by the shareholders a the upcoming Annual General Meeting, Mr Wei said in Alibaba’s press release sent on Thursday.
Full details of the financial data can be downloaded here.
Alibaba-international-site-logo
Related Articles:
- Alibaba’s third quarter 2008 earning results
- What happens after Alibaba announcing 2008 interim result?
- Jack Ma: Welcome to the “Ants world”
- A better-than-expected maiden year-end result
Sponsors and Advertisement
No Responses to “Alibaba warns of profit margins cut”
Trackbacks/Pingbacks