SF Holding net profits down 4.6% in 2018

SHENZHEN - Chinese express delivery giant SF Holding Wednesday announced that its net profits for 2018 fell 4.57 percent from the previous year on rising costs and new business expansion.

Net profits attributable to its shareholders totalled 4.56 billion yuan ($680 million), SF Holding said in its preliminary financial results for 2018 filed to the Shenzhen Stock Exchange.

Apart from rises in costs, the firm also made investment in expanding diversified logistic services to meet market demand, it said.

Meanwhile, revenues rose 27.6 percent year-on-year to 90.9 billion yuan thanks to fast growth in the traditional and new businesses better catered to meet customer demands.

Shares of SF Holding fell 1.46 perent to 36.36 yuan at about 10:52 am in Shenzhen.