HONG KONG -- Profits at Alibaba, the Chinese e-commerce giant, tripled in the most recent quarter.
In a regulatory filing in the U.S., where the company expects to launch its IPO next month, Alibaba said that profits in the second quarter, the three months to end of June, were RMB12.3 billion ($2 billion). That compared with RMB4.3 billion ($700 million) in the same period last year.
The company recorded sharp growth in the use of mobile with monthly active mobile users reaching 188 million and the proportion of transactions handled (gross merchandise volume) conducted via mobile devices up to 30% from 12% a year ago.
Alibaba, which has amassed substantial media and entertainment assets in the past year, is expected to launch a roadshow for U.S. investors in the first week of September and launch the IPO shortly thereafter. Stock could be trading in ADR form by middle of the month.
Analysts have suggested that it may raise $20 billion from the share sale and that the company could be valued at $150 billion at the time of the sale.
(C) 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC
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