CN Logistics International : VOLUNTARY ANNOUNCEMENT UNAUDITED FIRST QUARTERLY RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
April 20, 2021 at 05:59 am
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CN Logistics International Holdings Limited
嘉泓物流國際控股有限公司
(the "Company")
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2130)
VOLUNTARY ANNOUNCEMENT
UNAUDITED FIRST QUARTERLY RESULTS
FOR THE THREE MONTHS ENDED 31 MARCH 2021
This announcement is made by the Company and its subsidiaries (the "Group") on a voluntary basis.
The board (the "Board") of directors (the "Directors") of the Company announces the unaudited revenue and gross profit of the Group for the three months ended 31 March 2021 ("3M2021"), together with the comparative figures for the three months ended 31 March 2020 ("3M2020"), as follows:
The Group recorded revenue of approximately HK$448.8 million for 3M2021 (3M2020: HK$362.2 million), representing an increase of approximately 23.9%. Gross profit amounted to approximately HK$95.0 million for 3M2021 (3M2020: HK$72.5 million), representing an increase of 31.0%.
The increase in revenue and gross profit are mainly attributable to the following reasons:
the demand for air freight forwarding services and distribution and logistics services for high-end fashion in the PRC increased drastically due to the sales growth in luxury products in the PRC remained robust during the first quarter of 2021;
the handling capacity of our Group increased significantly in February and March 2021 after the completion of the expansion of the highly automatic distribution centre in Shanghai;
the freight rates charged to customers increased due to limited supply of cargo space under COVID-19 pandemic and the Group's ability to obtain cargo space from airlines to satisfy its customers demand.
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SEGMENTAL ANALYSIS
The Group is principally engaged in the provision of freight forwarding services, and the provision of distribution and logistics services. Below are the unaudited segment results of the Group for 3M2021, together with the comparative figures for 3M2020:
3M2021
3M2020
Change
HK$'000
HK$'000
(unaudited)
(audited)
Air freight forwarding services
- Revenue
259,780
210,254
23.6%
- Gross profit
56,134
43,003
30.5%
Distribution and logistics services
- Revenue
93,812
74,072
26.6%
- Gross profit
19,021
11,362
67.4%
Ocean freight forwarding services
- Revenue
95,162
77,895
22.2%
- Gross profit
19,876
18,090
9.9%
Please note that all figures above are unaudited and have not been confirmed by the Company's auditors and may be subject to adjustment and final confirmation. Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.
By order of the Board
CN Logistics International Holdings Limited
Ngan Tim Wing
Executive Director and Chief Executive Officer
Hong Kong, 20 April 2021
As at the date of this announcement, the Board comprises Mr. Ngan Tim Wing, Ms. Chen Nga Man and Mr. Cheung Siu Ming Ringo as the executive Directors; Mr. Lau Shek Yau John as the non-executive Director; and Mr. Lam Hing Lun Alain, Mr. Chan Chun Hung Vincent and Mr. Chun Chi Man as the independent non-executive Directors.
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CN Logistics International Holdings Ltd. published this content on 20 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2021 09:58:04 UTC.
CN Logistics International Holdings Ltd is an investment holding company principally engaged in the provision of freight forwarding services. Together with its subsidiaries, the Company operates business through three operating segments. The Air Freight Forwarding Services segment is engaged in arranging for consignment, cargo pick up, obtaining cargo space, preparation of freight documentation, arranging for customs clearance and cargo handling at origin and destination as well as other related logistics services. The Distribution and Logistics Services segment is involved in organizing and optimizing warehousing usage, transportation routes and trucking service providers, storage, palletizing, trucking and distribution, managing vendor inventory, picking and packing finished goods, reverse logistics and recycling, providing quality control. The Ocean Freight Forwarding Services segment is involved in the ocean freight forwarding business of exported goods.