SHANGHAI, Aug 15 Reuters China39;s Ant Group posted a net profit of 12 billion yuan 1.68 billion for the three months to March 31, down 10.25 from a year earlier, Reuters calculations based on Alibaba Group Holdings39; earnings released on Thursday showed.

The ecommerce giant reports profit from Ant one quarter in arrears.

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

Both groups were cofounded by Chinese billionaire Jack Ma. Alibaba holds a 33 stake in Ant.

Reporting by Casey Hall; editing by Jason Neely

Source Reuters