The Hong Kong-based third-party logistics provider recorded net earnings of $576 million Hong Kong on revenues of HK $13.7 billion for the first six months of 2017, year-over-year increases of 5 percent and 31 percent, respectively.
Kerry Logistics recorded a core net profit of $576 million Hong Kong (U.S. $73.6 million) on revenues of HK $13.7 billion for the first half of 2017, rising 5 percent and 31 percent year-over-year, respectively, according to the company’s most recent financial statements.
William Ma, group managing director of the Hong Kong-based third-party logistics provider, said that although global demand stalled in the first quarter and the company’s cargo volumes were at a low level in January and February, the temporary slowdown during the first quarter reversed as the world economy gradually stabilized with cyclical recovery starting in the second quarter.
“Supported by strong logistics volume growth in Asia and sound performance in the Americas, the Group’s performance and earnings have shown considerable improvements since Q2,” he said.
Kerry Logistics’ Integrated Logistics (IL) business segment recorded a profit of HK$884 million for the first half of 2017, rising 11 percent from the corresponding 2016 period.
Meanwhile, the company’s International Freight Forwarding (IFF) business segment’s profit reached HK$222 million for the first half of 2017, up 7 percent year-over-year.
Looking ahead, Kerry Logistics Chairman George Yeo said, “We are increasing our capabilities in e-commerce and cross-border logistics in Asia. In 2017 Q2, we formed a joint venture with a local express operator in Indonesia to tap into the booming market there. Singapore will be our next target for expansion.”
Kerry Logistics thrives in first half 2017
