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Business\Companies says Q3 profit more than quadruple

Xinhua | Updated: 2017-11-14 07:04 says Q3 profit more than quadruple

A sign of China's e-commerce company is seen at Consumer Electronics Show Asia 2016 in Shanghai, May 12, 2016. [Photo/Agencies]

BEIJING -, China's second largest e-commerce giant, said Monday its net profit more than quadrupled in the third quarter to a record high.

The net profit soared by 359 percent year on year to 2.2 billion yuan (about $330 million) during July-September, according to its quarterly statement.

The company has reported six consecutive quarterly profit rises.

The company attributed its soaring growth to the use of smart chains and logistics technology which enables vendors to reach their target consumers precisely.

Its net income in the first three quarters had nearly reached that of the entire amount recorded in 2016.

Gross merchandise volume on the platform totaled nearly 900 billion yuan in the first nine months. During the recent Singles Day shopping spree, the company received orders worth 127.1 billion yuan, an increase of 50 percent year on year.

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