HONG Kong-based 3PL Kerry Logistics saw double-digit profit and revenue growth for the first six months of
2018 from the corresponding prior-year period, fuelled by strong Asia
trade and increasing volume in the region.
Turnover in the first six month of 2018
surged by 27 per cent year on year to reach HKD17.46 billion (US$2.22
billion), while core operating profit rose 19 per cent from HKD1.02
billion in the first half of last year to HKD1.22 billion in the same
period this year. The company's core net profit soared 22 per cent to
reach HKD700 million.
Kerry Logistics announced that its International Freight Forwarding
(IFF) business made a profit of HKD235 million, up by 6 per cent on the
same period of 2017, while its Integrated Logistics (IL) business
recorded a profit of HKD1.11 billion up by 25 per cent on the first six
months of 2017.
"The China-US trade dispute has caused manufacturing capacities to shift
from mainland China to other Asian countries, bringing about an
increase in shipping volume and production activities in Asia," said
William Ma, group managing director of Kerry Logistics.
Trade volume between mainland China and the US is expected to dwindle in
the near future, and as a result, certain Asian markets will likely
benefit from the increased intra-Asia trade as customers look for
alternative supply sources beyond mainland China and the US, explained
George Yeo, chairman of Kerry Logistics, according to media reports.
"Asia has been experiencing the fastest trade volume growth for both
imports and exports, driven by rising domestic consumption and increased
investment," he said. "We expect our Asian business to continue to grow
and contribute to a major part of the group's profit in three to five
years' time."
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