(Yicai) Aug. 11 -- Shares in Alibaba advanced as much as 3.8 percent today in Hong Kong after the Chinese e-commerce giant released impressive financial results for its first fiscal quarter since the firm effected a major restructuring of the organization.

Alibaba’s Hong Kong-traded shares [HKG:9988] were trading up 2.4 percent at HKD96.60 (USD12) as of 12 noon China time today. Earlier in the day they hit HKD97.90. Yesterday in New York its shares [NYSE:BABA] closed up 4.6 percent at USD99.22.

Alibaba’s net profit surged 63 percent in the first fiscal quarter ended June 30 from a year earlier to CNY223.7 billion (USD31 billion), while revenue jumped 14 percent CNY234.1 billion (USD32.2 billion), according to the Hangzhou-based company’s latest earnings report.

This is the first quarter since Alibaba said in March that it is re-organizing the business and will spin off its six main business groups, Alibaba Cloud, Taobao Tmall Commerce, Local Services Group, Cainiao Network, International Digital Commerce and Digital Media and Entertainment Group, into separate companies that can be independently financed or listed.

“Alibaba delivered a solid quarter as we continue to execute our reorganization, which is beginning to unleash new energy across our businesses,” said Chairman and Chief Executive Officer Daniel Zhang. ”Through this self-driven transformation, we aim to catalyze innovation, promote vitality in our organization and enable businesses to focus on long-term growth."

The firm’s e-commerce platforms Taobao and Tmall posted a 12 percent leap in revenue in the three months ended June 30 from a year earlier to CNY114.9 billion (USD15.8 billion). Some 915 million people took part in the online 618 shopping bonanza in June.

Revenue from its international digital commerce arm surged 41 percent to CNY22.1 billion (USD3 billion). Its global retail business revenue, which includes e-retailers AliExpress and Lazada, soared 60 percent and orders jumped 25 percent. In the future, this segment will work more closely with other Alibaba business groups such as its logistics division Cainiao, Zhang said.

Cainiao’s earnings advanced 34 percent to CNY23.2 billion (USD3.2 billion), driven primarily by growth in international services as well as domestic consumer logistics services.

Alibaba Cloud’s adjusted profit doubled to CNY387 million (USD53.6 million) while revenue climbed 4 percent to CNY25.1 billion (USD3.4 billion). The growth was largely driven by storage, networks and AI computing products, but partly offset by a slowdown in demand for content delivery networks.

Its Local Services Group, led by takeout platform Ele.me, digital mapping firm AutoNavi and ticketing service Damai, narrowed its losses to CNY1.9 billion (USD263.4 million), reaching the best level in recent years, while revenue jumped 30 percent to CNY14.4 billion (USD2 billion). Revenue at Alibaba Entertainment Group rose 36 percent to CNY5.3 billion yuan (USD742 million).

Alibaba repurchased 35.6 million shares for USD3.1 billion under its share repurchase program, according to the quarterly report.

However, competition in China's e-commerce sector is getting more intense and the political situation between China and the US remains tense, analysts said.

Editor: Kim Taylor