China's Ant Group's profit down by 19% to 7.87 billion yuan

The Ant Group logo.

Credit: Reuters Photo

Shanghai: China's Ant Group posted a 19 per cent fall in net profit of 7.87 billion yuan ($1.09 billion) in the three months to December 31, according to Reuters calculations based on Alibaba Group Holding's earnings released on Tuesday.

The e-commerce giant reports profit from Ant one quarter in arrears.

Chinese authorities last July announced a fine of 7.12 billion yuan for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company.

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