Alibaba, the Chinese e-commerce giant, expects revenues to rise by about 27.5 percent to over 650,000 million Yuan renminbi (€83,725.8m-$91,168.5m) in the current fiscal year after its top line rose by 35 percent to RMB 509,711 million (€65,647.3m-$71,487.9m) in the fiscal year ended on March 31. The company achieved its revenue guidance of over RMB 500 billion (€64.4bn-$70.1bn) despite some disruption on its domestic core commerce business from the Covid-19 pandemic.
In the fourth fiscal quarter, net attributable profit fell by 88 percent to RMB 3,162 million (€407.2m-$443.5m) due to a net loss on investment income, mainly reflecting decreases in the market price of Alibaba’s equity investments. Quarterly revenues increased by 22 percent on the year earlier to RMB 114,314 million (€14,720.5m-$16,032.8m). Some major product categories on its China retail marketplaces experienced negative year-on-year growth in the quarter, including accessories and apparel. Mobile monthly active users on Alibaba’s China retail market place reached 846 million in March 2020, an increase of 22 million over December 2019.
Alibaba said it had seen a steady recovery since March and sees an opportunity in helping businesses to achieve the digital transformation necessary to survive in the current market environment.