Chinese e-commerce giant Alibaba Group Holding Limited presented its results for the 2022/23 financial year on Wednesday and provided an update on the latest progress on the recently announced restructuring plans.
The board of directors has approved a full spin-off of the Cloud Intelligence Group division, the group said in a statement. The aim is to make the segment an independent, listed company. The group announced that it was also being examined whether the Cainiao Smart Logistics Group and Freshippo areas would also be listed on the stock exchange.
In the fiscal year 2022/23, which ended on March 31, the group’s sales amounted to 868.7 billion Chinese yuan (114.3 billion euros). It exceeded the previous year’s level by two percent, but fell short of market expectations.
Lower valuation allowances and positive one-off financial effects meant that operating profit rose 44 percent to 100.4 billion Chinese yuan. Net income attributable to shareholders grew 17 percent to 72.5 billion Chinese yuan (9.5 billion euros).