China’s Alibaba Pictures Posts $57 Million Loss, Finds No Irregularities in Accounts

Alibaba Pictures, the film and TV unit of the e-commerce giant Alibaba, posted a $57.2 million loss in the first six months of the year but said that an investigation by auditors into its accounts had not revealed any irregularities.

In a filing to the Hong Kong stock exchange, Alibaba Pictures said the loss compared with a profit of $17.18 million in the same period a year earlier.

Alibaba bought a 60 percent stake in Alibaba Pictures, then then known as ChinaVision, for $780 million back in March, but in August, the company said the new management had discovered possible financial breaches dating back to before the purchase.

First-half revenue fell 76 percent because of delays relating to a number of film and TV projects.