5.5 C
Hamburg
Monday, April 15, 2024
Home News Kerry Logistics reports significant decline in financial figures

Kerry Logistics reports significant decline in financial figures

Hong Kong-based logistics provider Kerry Logistics Network Limited reported a 42% decrease in revenue, amounting to around US$6.1 billion.

Additionally, the company reported a core operating profit of US$280,000, representing a massive drop of 61%. Similarly, Kerry Logistics Network's core net profit decreased by 69% to US$160,000.

"2023 was undoubtedly a challenging year globally," pointed out Vic Cheung, group managing director of Kerry Logistics Network.

He went on to add, "Nevertheless, the global economy was in better shape than it was in 2022. For the global logistics industry, while growth stalled, both freight rates and volume saw a slight rebound as the market continued to normalise gradually. Despite a tough market, new opportunities emerged amid changing consumer demands and the reshuffle of global supply chains."

Vic Cheung highlighted that Kerry Logistics Network's overall performance in 2023 was in line with expectations and on par with global peers.





Latest Posts

NYK pioneers truck-to-ship fuel ammonia bunkering

At the Sea Japan 2024 event, NYK announced its plans to supply fuel ammonia at the end of May to an upcoming NYK-owned ammonia-fueled...

Vitesco Technologies and DHL form strategic partnership

Vitesco Technologies established a strategic partnership with DHL Supply Chain, where DHL serves as the Lead Logistics Partner (LLP). Commencing in March, DHL will centrally...

Gebrüder Weiss establishes central IT and logistics hub near Austria’s freight terminal

Gebrüder Weiss, a globally operating full-service logistics provider, is setting up a central location for IT and logistics near Wolfurt's freight terminal, ensuring the...

Maersk restructures Europe-West Africa service network

Danish ocean carrier Maersk has announced changes in its Europe-West Africa service network, which will take effect from the 17th week of the year. The...

Carriers spot bargaining room for India-Middle East cargo as Red Sea gains fade

India-Persian Gulf trades seem to be a glaring exception for container lines, as they are rapidly losing the pricing steam they have had from...