Business-to-business e-commerce portal Alibaba.com saw its third quarter net profits rise by 49% to US$45.2 million and is continuing expansion plans despite the current economic crisis, the South China Morning Post reported. The firm’s revenues for the quarter rose by 37% to US$114.4 million. The firm’s chief executive, David Wei, said the company is looking at several merger and acquisition targets in both domestic and overseas markets. "The economic downturn actually represents a good opportunity as rent becomes cheaper and staff more available," he said. Wei also announced a share buyback of up to US$258.1 billion, a move he said indicated the directors’ confidence in the fundamentals of the business. The firm had US$792.2 million in cash at the end of September.
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