A strong year for KLN
Hong Kong-based KLN reported strong results for 2020. China’s Kerry Logistics Network benefited from measures to counter Covid-19. Its revenues increased by around 30% to HKD 53.4 billion (USD 6.9 billion) compared to 2019.
Its core operating profit increased by about 20% to HKD 3.3 billion (USD 420 million). Profits in the integrated logistics unit, which did particularly well in Hong Kong and Taiwan, improved by 6%.
The main drivers of business in Taiwan included growth in the semiconductor and electronics segments, increasing demand for pharmaceutical logistics services and a rise in the volume of e-commerce business.
This improvement was however eclipsed by figures from the international freight forwarding division, which saw profits jump by about 64% to more than HKD 1 billion (USD 130 million).
Growth was mainly down to strong demand for masks and PPE, and the production of goods in and exports from Mainland China. (sh)