Kerry Logistics in wonderland
In its interim results for the first six months of 2021, Hong Kong-based Kerry Logistics reports group revenues of HKD 36.7 billion (USD 4.71 billion), a surge of 68% compared to the HKD 21.9 billion in H1/2020 (USD 2.81 billion). Operating profit also grew significantly to HKD 2.5 billion (USD 320 million) or 70% compared to H1/2020 (HKD 1.5 billion or USD 190 million).
In Hong Kong, the warehousing business improved by 18%, backed by a higher occupancy. The logistics operations business grew by 9%, "as the pandemic remained largely under control since Q2/2021," the company said.
In Mainland China, the integrated logistics (IL) business continued its rebound in H1/2021, expanding by 82% year-on-year in segment profit. In the whole of Asia, the IL division suffered a drop of 12% in segment profit as the pandemic continued to rumble across the region with prolonged lockdowns, restrictions and quarantine measures. (sh)