Alibaba Pictures Group announced Friday that it lost 151.8 million Yuan ($24 million) in the first half of 2015.

The loss is due to the transformation the company is undergoing. According to the company, most of its projects are still under the investment stage, and its profit is not yet included in the revenue report of the period.

Alibaba Pictures Group announced Friday that it lost 151.8 million Yuan ($24 million) in the first half of 2015.

The loss is due to the transformation the company is undergoing. According to the company, most of its projects are still under the investment stage, and its profit is not yet included in the revenue report of the period.