Ant group's profit grows by 39% in June quarter as investments gain

Ant Group's profit rose an estimated 39 per cent in the June quarter, attributed to a gain in investments as billionaire Jack Ma's fintech giant grapples with the impact of China's rapidly shifting rules for private enterprise.

The company contributed $1.4 bn to Alibaba Group Holding's earnings, a filing showed on Thursday (Nov 18). Based on Alibaba's one-third stake in Ant, that translates to an estimated 19.71 bn yuan in profit, up 39 per cent from a year earlier.

 Ant's earnings lag one quarter behind Alibaba's. Ant declined to comment.

"The year-over-year increase in share of profit of Ant Group was mainly due