SHANGHAI, Nov 15 Reuters China39;s Ant Group reported a 192.9 rise in net profit to 7.59 billion yuan 1.05 billion in the three months to March 31, according to Reuters calculations based on Alibaba Group Holdings39; earnings released on Friday.

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

The near tripling of Ant Group39;s profit from a year earlier was largely due to a 7.07 billion yuan fine levied on the group a year earlier by the Chinese government 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 and Alibaba holds a 33 stake in Ant.

1 7.2275 Chinese yuan renminbi

Reporting by Casey Hall; Editing by Susan Fenton

Source Reuters