Kerry Logistics pins growth hopes on e-commerce in China
Logistics firm reports 71.5pc net profit growth on one-off revaluation gains from investments
Kerry Logistics Network said net profit soared 71.5 per cent to HK$1.83 billion in its first announcement after listing on the exchange last year, with growth this year focused on the e-commerce business on the mainland.
Core net profit only increased 8.7 per cent year on year to HK$886.4 million after removing one-off revaluation gains from investment properties and disposal gains from its warehouse.
Turnover rose 3.5 per cent to HK$20 billion. Shares in the company dropped 6.6 per cent to end at HK$11.80 yesterday. The logistics company said cross-border e-retailing will be a key focus given the huge e-commerce market in China.
Beijing wants to shore up the economy through … consumption
"Beijing wants to shore up the economy through domestic consumption and e-commerce could facilitate this goal," said Edwardo Erni, Kerry Logistics' managing director for mainland operations.
