Alibaba sales soar 40%

Chinese eCommerce giant Alibabahas reported a 40 per cent increase in sales in the quarter to December.

But its net profit for the period plunged 28 per cent to $US964 million impacted by a one off charge and higher taxes.

Based in Hangzhou, Alibaba owns China’s most popular online trading platform, Taobao.

Alibaba Group’s total sales for the quarter reached $US4.219 billion, and earnings per share rose 13 per cent to 81 US cents.

The company executed the world’s biggest IPO when it listed on the New York Stock Exchange last September.