Production and distribution of films that explored themes such as the 100th anniversary of the founding of China’s Communist Party helped Alibaba Pictures Group turn a profit in the year ending March 31, the company said today.
The chronically money-losing film and entertainment arm of China e-commerce heavyweight Alibaba Group reported net profit of 169.8 million yuan, or about $26 million, compared with a loss of 96.3 million yuan a year earlier. Revenue increased by 28% to 3.6 billion yuan during the period ahead of recent Covid lockdowns in Shanghai and elsewhere in China.
Alibaba Pictures “upheld its value of ordinary people performing heroic deeds that promotes strong sentiment and positive vibes, while at the same time gripped major themes, such as the 100th anniversary of the founding of the Communist Party of China, the 70th anniversary of China’s entry into the Korean war against American forces, as well as China’s fight against the Covid-19 pandemic,” the company said in a statement.
