HONG KONG's Kerry Logistics, a unit of Kerry Properties, has posted an 11 per cent year-on-year 2011 net profit increase to HK$740 million (US$95 million) drawn on 47 per cent more revenue of HK$16.03 billion.
The result excludes the HK$130 million fair value adjustment on investment properties, a company statement said.
During the year, Kerry Logistics' integrated logistics (IL) services growth in Hong Kong and southeast Asia drove segment revenue up 43 per cent to HK$6.89 billion.
"The IL segment has increasingly focused on the potential to serve new demand emerging from China's shift from an export-led economy to a domestic consumption-led growth model, as well as from the flow of manufacturing activities into ASEAN countries. The segment's performance was also helped by the further expansion of Taiwan operations," the company said.
International freight forwarding revenue increased 51 per cent to HK$9.14 billion with net profit from operations surging 200 per cent to HK$90 million.
The strong performance was attributed to the IFF segment leveraging rising economies of scale and a growing capability in intra-Asia and Asia-Europe trade lanes, while it said it gained solid ground in serving the growing import requirements in the markets where the company operates.
