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            september 22, 2017

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Indiaexportnews.com

Kerry first half net profit up 5pc to US$127.8 million as sales soar 31pc

  06.09.2017    

Hong Kong's Kerry Logistics' first half net profit increased five per cent year on year to HK$1 billion (US$127.8 million), drawn on revenues of HK$13.7 billion, which soared 31 per cent, according to Shipping Gazette.
Meanwhile, first half operating profits increased 10 per cent to HK$1.1 billion.
Revenue improvement came despite tough market conditions in the first couple of months of the year and stemmed from a strong second quarter and acquisitions it has made, particularly in capitalising on China's Belt and Road initiative, which aims to establish a new overland Silk Road to Europe.
Kerry's forwarding business saw volumes grow fuelled by contributions from APEX in the US. However, margins narrowed as a result of carrier rate increases.
In Europe, the acquisition of Tuvia Italia SpA and the launch of the new sales office in Poland further strengthened the division's network.
Said Kerry chairman George Yeo: "The group continues to see China's Belt and Road initiative as a major opportunity to expand our network and to drive growth in long-term profitability across Asia.
"The new acquisitions made in 2017 first half added important components to our strategic plan to become the pre-eminent logistics service provider for the new overland and maritime Silk Roads," he said.
"We are increasing our capabilities in e-commerce and cross-border logistics in Asia. In 2017 second quarter, 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. With second quarter performance much better than first quarter, we expect the momentum of recovery for the rest of 2017 to be positive," Mr Yeo said.
Kerry has been growing rapidly over the last few years through a series of acquisitions and organic growth.
The logistics giant has this year already bought German forwarder Multi Logistics. Last year, the company purchased the freight forwarding businesses of Bofill & Arnan, a Spanish logistics and freight forwarding company with a focus on the China, Taiwan, and India trade lanes and also upped raised its stake in Indian forwarder Indev Logistics.
In June, it purchased Globalink Logistics DWC, which specialises in the CIS region, and in July it acquired 50 per cent of shares in Lanzhou Pacific Logistics (LPL) as it looks to further develop its China-Europe rail freight operations.
"With Q2 performance much better than Q1, we expect the momentum of recovery for the rest of 2017 to be positive," said Mr Yeo.



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