Hong Kong-based Kerry Logistics said its net profit increased 11 percent year-on-year to $95 million in 2011 on turnover that rose 47 percent to year-end $2.1 billion.
The net profit excludes a $17 million fair value adjustment on investment properties, the company said.
The company’s integrated logistics unit saw turnover rise 43 percent to $886 million, with operating profit at $66 million (the company didn’t give comparable operating profit figures for 2010).
“The Integrated Logistics 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,” Kerry said in a statement. “The segment’s performance was also helped by the further expansion of Taiwan operations.”
Kerry’s international freight forwarding division saw turnover rise 51 percent to $1.2 billion.
“During the year, the segment leveraged increasing economies of scale and a growing capability in intra-Asia and Asia-Europe trade lanes, while it gained solid ground in serving the growing import requirements in the markets where it operates,” the company said.
Kerry’s 2011 profit up 11%
