Ant Group Co. reported a significant profit increase in the June quarter, marking a turnaround from previous losses after regulatory issues in China.

The company contributed 2.48 billion yuan (around US$343 million) to Alibaba Group Holding Ltd., leading to an estimated quarterly profit of 7.5 billion yuan (around US$1 billion) as calculated by Bloomberg.

Ant’s earnings improved from a 10% decline noted in the preceding quarter, although the company has not officially commented on these figures.

In March, Ant restructured significantly, setting up independent boards for its international, database, and digital technology units in preparation for possible spinoffs.

An international expansion strategy is in place, including the development of a treasury management platform, Whale, using blockchain technology.

Recent Ant Group developments