Grand Power revenue up, profit down

Grand Power Logistics Group Inc has announced its financial results for the year 2007 which includes the operating results of GP Express. Group revenue increased by 68.4 per cent to US$99.6 million and gross profit for last year was up 72 per cent to US$6.9 million. However, costs related to the company’s “aggressive expansion, particularly […]


Grand Power Logistics Group Inc has announced its financial results for the year 2007 which includes the operating results of GP Express.

Group revenue increased by 68.4 per cent to US$99.6 million and gross profit for last year was up 72 per cent to US$6.9 million. However, costs related to the company’s “aggressive expansion, particularly in China”, as well as noncash expenses resulted in a net loss of US$139,623 compared to a profit of US$668,437 in the previous year.

Grand Power said it had also experienced “strong growth” in cargo volume during 2007, with shipments increasing by 36.3 per cent to 42,105 tonnes. Cargo shipments showed the strongest growth in European markets, up by 162 per cent to 7,973 tonnes. Strong gains were also reported in US markets with 9,468 tonnes shipped, an increase of 43.9% over 2006. Growth in intra-Asia markets also remained strong, increasing by 16 per cent to 24,663 tonnes in 2007.

Grand Power added that its expansion into China in 2007 had also resulted in significant growth as air cargo increased by 926 per cent to 4,388 tonnes, “demonstrating the company’s ability to quickly develop a customer base in that region”.