News / Kerry Logistics stays bullish as profits decline in a 'tough market'

Kerry Logistics' Vic Cheung, group managing director and Ellis Cheng, executive director

Hong Kong-headquartered 3PL Kerry Logistics Network (KLN) today was the latest freight service provider to report double-digit declines in revenue and profits for 2023.

It announced a 42% decline in full-year revenues to HK$47.4bn (US$6bn), while net profit fell 78% to HK$791m.

Last year’s financial performance was also impacted by the sale of its Asia Pacific and European e-commerce and express businesses to SF Holding in Q3, and the announcement in December to de-consolidate Kerry Express Thailand through dividend distribution.

However, its remaining ...