Source: Alibaba revenue jumps in first half 2012

Revenue at closely-held Alibaba Group Holding rose 60% in the first half of the year to US$1.8 billion, Bloomberg reported, citing a source familiar with the matter. Alibaba, China’s largest internet commerce company, also saw its profits as a percentage of revenue increase by 5%, according to the source. Alibaba, which announced plans to take its subsidiary Alibaba.com private earlier this year, did not officially report its earnings and a spokesman declined to comment. The jump in Alibaba’s revenues and earnings has been driven by Chinese consumers buying more online through Alibaba’s Taobao and Tmall sales platforms. The company also generates revenue from advertising and from commission and subscription fees for its online services. Alibaba, valued at US$35 billion, is partly owned by Yahoo! (YHOO.NASDAQ) and Softbank (9984.TYO).