(Telecompaper) Alibaba reported a strong increase in profits and 42 percent growth in revenues in the company's fiscal first quarter to June, showing little impact from the slowing Chinese economy. Sales rose 42 percent year-on-year to CNY 114.9 billion (USD 16.7 billion), adjusted EBITDA increased 34 percent to CNY 39.2 billion, and net profit jumped to CNY 21.3 billion from CNY 8.7 billion a year ago.