Kerry Logistics records 10% growth in H1

Kerry Logistics records 10% growth in H1 core operating profit to HK$1,019 Million supported by strong performance in Asia and the Americas


Kerry Logistics William Ma


Kerry Logistics Network Limited (‘Kerry Logistics’ or together with its subsidiaries, the ‘Group’) announced the Group’s interim results for the six months ended 30 June 2017.

 

William Ma, group managing director of Kerry Logistics, said, “2017 1H has been another challenging period. Global demand stalled in Q1 and our cargo volume was at a low level in January and February. Nevertheless, the temporary slowdown in Q1 reversed as the world economy gradually stabilised with cyclical recovery starting from Q2. 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. Against this backdrop, for 2017 1H, Kerry Logistics recorded a 31% growth in turnover and a 10% growth in core operating profit. However, core net profit only reported a 5% growth due to the unsatisfactory performance of our investments in associates, which reported a 52% year-on-year decrease in contribution.”

 

Strongest Network in Asia

In 2017 1H, Kerry Logistics continued to adhere to the global development strategy of capturing opportunities brought forth by China’s Belt and Road initiative. The new subsidiary Globalink Logistics, with operations spanning across Commonwealth of Independent States countries, added 9 countries to Kerry Logistics’ global network. They include Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan, Georgia, Armenia, Azerbaijan and Ukraine. Meanwhile, another new member, Lanzhou Pacific Logistics, allows Kerry Logistics to offer multimodal solutions to customers within its global network.