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.