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Kerry Logistics profit up 9pc to US$136.6 million while revenue flattens

HONG KONG's Kerry Logistics Network, a leading Asian logistics provider, posted a nine per cent year-on-year profit increase to HK$1.06 billion (US$136.6 million), drawn on revenues of HK$21.07 billion, a slip of 0.17 per cent

Kerry Logistics profit up 9pc to US$136.6 million while revenue flattens
25 March 2016 - 06:32
Kerry Logistics profit up 9pc to US$136.6 million while revenue flattens
HONG KONG's Kerry Logistics Network, a leading Asian logistics provider, posted a nine per cent year-on-year profit increase to HK$1.06 billion (US$136.6 million), drawn on revenues of HK$21.07 billion, a slip of 0.17 per cent
"Despite global volatilities and China's slowing GDP growth, Kerry Logistics continued to deliver growth for the seventh consecutive year," said group managing director William Ma. 
Said Kerry chairman George Yeo: "Kerry Logistics is becoming the major logistics provider for the Silk Road. The biggest growth is intra-Asian and between Asia and the rest of the world, and Kerry is well-positioned to tap into this."
All segments attained healthy growth, the Hong Kong-listed company said. "Successful integration of previous acquisitions, strong performances led by Hong Kong and Taiwan, demonstrated the strength of the group's business model." 
As of December, the group managed a logistics facility portfolio of 45 million square feet, of which 24 million square feet were self-owned, said the company statement accompanying the annual results. 
In mainland China, the 592,000 square feet logistics facility at Chengdu commenced operation in the second half, said the statement. 
Facilities in Xian are to be completed in the first half of this year and other facilities in Wuxi in the second half of next year, together contributing 480,000 square feet. 
In Shanghai, construction is underway at the 1.1 million square feet, and it will be the group's biggest facility on the mainland.
In Thailand, phase one of the Kerry Bangna Logistics Centre was completed and now serves as a new sorting centre for Kerry Express and a fulfilment centre for e-commerce customers. 
Phase four expansion of Kerry Siam Seaport has commenced with expected completion by 2019, as the group continues to develop the facility into a key cargo gateway for the increasing trade in ASEAN. 
In mainland China, Kerry's deal with China Railway Import and Export Company will leverage its rail network with the group's network in Southeast Asia. 
In Taiwan, Kerry acquired the majority shares in Speedy Group, a top 20 air freight company in Taiwan in 2016 1Q, which was subsequently renamed as Kerry Speedy Logistics Co Ltd. 
The group extended its cross-border trucking under KART in mainland China, Vietnam, Thailand, Malaysia and Singapore, and three new scheduled weekly - shuttles - were added to provide long-haul trucking and door-to-door delivery services in these countries. 
The group will continue operate express services in Thailand and Vietnam linking them to businesses in Cambodia and Malaysia and as well as planned entrances in Singapore, Indonesia, the Philippines and Laos. 
In Myanmar, the group will seek accelerated growth by developing an integrated Greater Mekong Region platform through operating the inland ports in Yangon and Mandalay.
Kerry Logistics completed the restructuring of its IFF operation in Singapore by acquiring the majority stakes in Transpeed Cargo (S) Pte Ltd, a leading air freight company. 
In the US, following the signing of definitive agreements with a top 10 NVOCC in the US (in 2014), the group has made further inroads and expects to complete the acquisition in the first half.
In the Middle East, the group's investment of Able Logistics Group FZCO in Dubai expanded its capabilities and enabled it to offer global connections between Asia and the Middle East, Europe and Africa. 
The group has also realised contributions from the successful integration of its acquisitions in Canada, Mexico and Oceania. 
In Hong Kong, the group's warehouse portfolio comprises nine warehouses with a combined GFA of 5.1 million square feet. It maintained nearly full occupancy and achieved double-digit growth in rentals for successful contract renewals during the year. 
Kerry Logistics has 550 office locations in 40 countries and territories, and is managing 45 million square feet of logistics facilities.
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