Alibaba reports massive boost in profits

China based online company Alibaba has reported a massive boost in their 2007 net profits.

The company has posted a 340 percent jump as they gained from growing Chinese economy.

Alibaba continues to dominate the China’s online business to business market. Market analysts put their market share at around 57 percent.

Company Chief Executive Officer David Wei spoke about the global economy worries: “We don’t see the slowdown in the U.S. economy having a major effect, as our customers are working on expanding our merchandising channels and diversifying our supply chain.”

Alibaba overall reported a 2007 profit of 967.8 million Yuan. This is a major improvement from figures of 219.94 million a year earlier.

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