Sinotrans releases interim results for 2018


For the six months ended 30 June 2018 (H1 2018), Sinotrans’ revenue amounted to RMB36,175.7m, representing an increase of 4.1% from RMB34,742.5m for the corresponding period in 2017.

Revenue from the group’s Freight Forwarding Services decreased by 1.3% to RMB21,788.3m, for H1 2018, from RMB22,080.9m for the corresponding period in 2017, mainly because of the impact of decreasing freight rates. The volume of sea freight increased by 9.3% to 6.1m TEUs, for H1 2018, from 5.6m TEUs for corresponding period in 2017. Cargo tonnage handled by the air freight forwarding service increased by 6.3% to 272,300 tonnes, for H1 2018. This was mainly because the group strengthened business cooperation with airlines and increased its efforts to expand its import business. The number of containers handled by the shipping agency rose by 5.6% to 12.4m TEUs for H1 2018. Segment profit was RMB630.9m, which increased by 13.9% compared with H1 2017.

Revenue from the group’s Logistics Service amounted to RMB9,822.9m for H1 2018, representing an increase of 10.8% from RMB8,863.7m for the corresponding period in 2017. Growth was due to the active development of new customers and the expansion of the global market. Business volumes handled by the group’s Logistics Service increased by 21.8% to 27.7m tonnes for H1 2018. Segment profit amounted to RMB399.4m, representing an increase of 5.3% from RMB379.4m for the corresponding period in 2017.

Revenue from the group’s Storage and Terminal Services amounted to RMB1,173.7m for H1 2018, representing an increase of 7.0% year-over-year. The number of containers handled in the group’s warehouses and yards increased by 1.2% to 4.3m TEUs and the number of containers handled through terminals decreased by 0.1% to 1.9m TEUs. This was mainly because some domestic trade shipping companies cancelled their routes. Segment profit amounted to RMB213.8m, representing an increase of 16.6% from H1 2017. 

The group’s external revenue from the Logistics Equipment Leasing business increased by 10.6% year-over-year to RMB765.5m, for H1 2018. During H1 2018, the volume of pallet leasing increased by 14.7% to 25.2m per day and the volume of container leasing increased by 5.2% to 84,400 TEUs per day. Segment profit was RMB187.7m increasing by 9.6% from the corresponding period in 2017.

Revenue from Other Services (mainly shipping, trucking and express services) amounted to RMB2,625.2m, representing an increase of 30.7% year-over-year. This was mainly attributable to the increase in revenue from the cross-border e-commerce logistics business. Segment profit from the Group’s other services amounted to RMB26.5m for H1 2018, representing a decrease of 22.5% for the corresponding period in 2017.

The group’s operating profit was RMB1,600.9m for H1 2018, representing a decrease of 2.7% from RMB1,644.7m for the corresponding period in 2017. Operating profit as a percentage of total revenue decreased to 4.43% in comparison to H1 2017. 

Source: Sinotrans

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