Alibaba expects improved profit in 2010

Alibaba.com, China's largest e-commerce company, announced on Tuesday that it expects profit to grow next year as China's foreign trade levels improve.
The company was confident that its 2010 profit would beat this year's levels, said Alibaba CEO David Wei, speaking to reporters in Hong Kong. He added that Alibaba's 2009 profit would exceed the market's consensus.
Alibaba hoped to find new investment opportunities next year, said Wei, without giving details.
China's trade volume, which saw steep declines during the global downturn, should continue to improve into the first quarter of 2010, said Wei. He cautioned, however, against being overly optimistic.
Alibaba, Yahoo's business partner in China, reported a 20 percent earnings drop for the third quarter, its worst profit in three quarters, after betting on acquisitions and product development to tap the region's early recovery from the global downturn.