Alibaba reported 46% profit growth for 4Q

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B2B marketplace reported fourth quarter result. Its net profit reached RMB410.4 million, up 46% from a year ago. Total revenue increased 37.6% to RMB1,521.5 million.

For the whole year of 2010, revenue was RMB5.55 billion, representing a 43.4 percent increase from 2009 level. Full-year net income was RMB1.46 billion, representing an increase of 45.1%.

Credit Suisse analyst Wallace Cheung called this “a mixed set of result”. While Alibaba’s operating profit was 6% worse than he expected, due to more G&A expenses, its net profit was 13% better because of low tax rate.

He also thought the China marketplace members growth is above expectation, whereas International marketplace members was below forecast. has 18 million register members for its International marketplace, up 55% from a year earlier. It has 43 million register member for its China marketplace, up 21%.

For paying members, it has over 121,000 China Gold supplier members and over 677,000 China TrustPass members, increased 26% and 35% from last year. The number of Global Gold Supplier, however, decreased by 41% to 10,434, due to a price hike in last September.

“Deferred revenue growth is 7% above our forecast, implying better 2011 revenue growth. Also, net cash was 2% ahead of our forecast,” said Wallace.