HONG KONG's forwarding giant Kerry Logistics' 2017 net profit increased 14 per cent year on year to HK$511 million (US$65.1 million), drawn on revenues of HK$30.8 billion, up 28 per cent.
Improvements were driven by its acquisition of APEX in the US and overall volume growth, the company said. Despite a stable increase in cargo volume, rising freight rates in 2017, due to carrier consolidation, alliance shuffle and capacity reduction, reduced profits.
The integrated logistics division saw profits improve by 12 per cent to HK$1.8 billion on the back of global business growth and strong performance in its Thailand business.
"The global economic growth has been on an upswing, riding on the recovery in investment, manufacturing, and trade activities," said Kerry Logistics managing director William Ma.
"The overall performance of Asia remained robust, driven by pronounced external demand and rising domestic consumption.
"Kerry Logistics performed better in 2017 second half when compared to first half, buoyed by the continued strength in global e-commerce, the sound performance of APEX in the Americas, and the accelerating growth of our express business in Thailand," said Mr Ma.
Said company chairman George Yeo: "Responding to the needs of our customers and the global economy, we continuously improve our speed of response, turning it into a competitive advantage."
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