HONG KONG-listed SITC International Holdings, one of China's largest non-government controlled shipping and logistics companies, has posted a 46 per cent first quarter net profit decline year on year to US$13.5 million, drawn on revenues of $288 million, up 19 per cent.

Rising costs were blamed for the profit slump while the robust revenue increase was attributed to the growth of the intra-Asia business.

SITC's first quarter cargo throughput increased 17 per cent to 406,857 TEU year on year with its forwarding arm accounting for 336,684 TEU of the total.

But costs increased related to SICT's expansion of its land-based logistics business with higher high bunker and vessel charter costs also contributing to the decline in profits.