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TRANSPORT & LOGISTICS | Tony Chua, Hong Kong

Sinotrans first half profit up 14.6% to RMB438.2mn

The group seizes opportunities and expedites development to build a top-notch integrated logistics platform.

Sinotrans Limited (“Sinotrans”), a leading integrated logistics service provider in China, and its subsidiaries (together, the “Group”) on Friday announced its unaudited interim results for the six months ended 30 June 2011.

During the period under review, the Group recorded a revenue of RMB20,601.2 million, a growth of 3.0% over RMB20,002.7 million in the same period last year. The relatively slight growth was mainly attributable to the slowdown in expansion of foreign trade, especially foreign exports trade, and the notable drop in the freight rates of container shipping. Profit attributable to equity holders was RMB438.2 million, a year-on-year growth of 14.6% from RMB382.2 million in the same period last year. Earnings per share were RMB 0.10 (corresponding period in 2010: RMB0.09), according to a Sinotrans report.

Mr. Zhao Huxiang, Chairman of Sinotrans, said, “The economy in China has been growing steadily in the first half of 2011, with trade value increasing continuously. However, the pace of growth in foreign trade has apparently slowed down. The Group has strived to adhere to the operating principle in the Group’s five-year plan, targeting transformation, grasping every opportunity and making the required adjustment, speeding up the development, achieving remarkable growth and building up a top-notch integrated logistics platform. This has enabled the Group to achieve better performance in operations and management as well as form a solid foundation to achieve our target for the year”.

Mr. Zhao concluded, “We expect the Chinese economy to maintain a steady and rapid growth in the second half of the year. Economies in emerging markets will also experience strong growth. However, the global economy may remain sluggish for a period of time which may pose pressure on China’s foreign trade. Facing market opportunities and challenges, we intend to optimise the economic conditions, take advantage of every positive factor and continue with innovation, speeding up the development of our domestic trade operations and aggressively promoting the integration of logistics resources according to our annual plans. We will continue to maintain stable growth in each of our major businesses through constant effort thereby enhancing profitability so as to achieve healthy, rapid and sustainable growth and deliver greater value to our shareholders”.

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