Mixed results for ZTO Express
Shanghai-headquartered ZTO Express (Cayman) has released its financial results for Q2/2021. Parcel volume amounted to 5.8. billion, a 25.6% increase compared to Q2/2020 (4.6 billion). Revenues grew by 14.4% to RMB 7.3 billion (USD 1.1 billion), recording an uptick of 14.4% (RMB 6.4 billion in Q2/2020).
Yet, gross profit went down by 5.4% to RMB 1.7 billion (USD 259 million) and net income also dropped by 12.5% to RMB 1.3 billion (USD 197.0 million). One of the reasons for this decline was the 5.9% decrease in parcel unit price mainly driven by the decline in weight per parcel transported.
Revenues from freight forwarding services decreased by 32.9% compared to Q2/2020, as cross border eCommerce demand and pricing gradually returned to normal as the economy began to recover from the impact of Covid-19. (sh)