China's online commerce giant Alibaba reported a net profit of 1.71 billion yuan ($271.48 million) in 2011, up 16.6 percent over the previous year. But the firm said its fourth-quarter net profit fell 6 percent from a year earlier, citing the sluggish global economic environment as a major reason.

The Hong Kong-listed company posted annual earnings before interest, tax and amortization of 1.94 billion yuan ($308 million) last year, up 21.9 percent. The growth was based on more than 76.33 million registered users, an increase of 23.5 percent over the previous year.

Looking ahead, Alibaba said it would continue to invest in new businesses and focus on improving standards for trust and safety, following a successful crackdown on fraud across its e-commerce platforms.

It expected a "more balanced, multirevenue stream model" as the strategy shifted away from membership growth and tilted towards improved quality.