(Yicai Global) Aug. 18 -- Chinese e-commerce giant Alibaba Group Holding Ltd.'s [NYSE:BABA] core business revenue more than doubled to make up the vast majority of total revenue in the first quarter of its fiscal year 2018, which ended on June 30.

Its international retail division also doubled its income.

The figures saw Alibaba's stock price close 2.77 percent up at USD163.92 on Aug. 17, a record high. The rise took the firm's market capitalization to more than USD417.3 billion. The share price jumped as much as 5 percent during the trading session.

First-quarter revenue was CNY50.2 billion (USD7.4 billion), up 56 percent from a year earlier. Income from its core business was CNY43 billion, up 58 percent to make up 86 percent of total revenue.

It reported its non-GAAP net profit as CNY20 billion (USD2.95 billion), up 67 percent from a year earlier.

Thanks to its increased stake in Southeast Asian e-commerce vendor Lazada Group and improved performance at its Chinese export platform AliExpress, the group's international retail revenue surged by 136 percent to CNY2.64 billion while boosting its consumer base outside China.

Alibaba also announced plans to build two data centers in Malaysia and Indonesia, expanding its existing data network which spans 14 countries and regions to serve its global users.

The firm had a strong start to the 2018 fiscal year, said chief executive Daniel Zhang. It reflected our strong, diversified businesses and the value we bring to our customers. Alibaba's technology is driving strong growth in all of its sectors and strengthening market position outside the core business. The CEO is excited about the future and the company's constant innovation and integration between Alibaba divisions.