China’s Ant Group net profit fell 17.3% in March quarter

China’s Ant Group on Wednesday logged net profit of 11.38 billion yuan ($1.68 billion) in the quarter to March, down 17.3% from a year earlier, according to Reuters calculations from Alibaba Group Holding Ltd’s (9988.HK), earnings report.

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

($1 = 6.7558 Chinese yuan renminbi)