Ant Group quarterly profit falls 60% to $663 million

People walk past the Ant Group logo at its booth at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. REUTERS/Florence Lo/File Photo

SHANGHAI (Reuters) -Chinese fintech company Ant Group posted a 60.5% slide in net profit to 4.74 billion yuan ($662.7 million) in the three months to March 31, according to Reuters calculations based on earnings reported by stakeholder Alibaba on Friday.

Alibaba said the decrease was mainly attributable to "investments in new growth initiatives and technologies, and the decrease in fair value of certain investments".

E-commerce group Alibaba reports profit from Ant one quarter in arrears.

Both groups were co-founded by Chinese billionaire Jack Ma and Alibaba holds a 33% stake in Ant.

(Reporting by Casey HallEditing by David Goodman)