Business, Forwarding, Freight News, Logistics

Strong first half for Kerry Logistics

[ August 27, 2020   //   ]

Hong Kong-based Kerry Logistics Network’s revenue increased by 10% year-on-year to HK$21,885 million in its interim results for the six months ended 30 June 2020. Core operating profit increased 2% to HK$1,489 million while core net profit jumped by 26% year-on-year to HK$845 million. The company said that while the Covid pandemic and lockdowns caused a drastic drop in logistics demand for non-essential products and had severely impacted warehouse operations in Asia, strong growth in the last-mile fulfilment and e-commerce logistics resulted in a positive growth for the division. The global freight forwarding market was among the hardest hit sectors, but Kerry Logistics used its unique market position as one of the very few Asia-based global freight forwarders to capture new business opportunities as the pandemic spread.