BALtrans Holdings, one of the largest freight forwarding and logistics groups based in Asia, reported record annual revenue of over US$595.58 million for the year ended July 31, 14 percent higher than the previous year.
Net profit attributable to shareholders, however, dropped to $8 million, impacted by an increase in intangible assets amortisation, rise in net finance costs to finance recent acquisitions, and a higher effective tax rate as the group expanded further overseas.
Gross profit jumped 32 percent to $112 million and gross margin improved from 16.3 percent to 18.9 percent.
The company benefited from new businesses in the Europe, Middle East and Africa region, enhanced buying power with increased business volume and intra-network co-operation.
Anthony Lau, executive chairman of BALtrans, said, ¡°I am pleased to report the fifth record-breaking year in a row for our revenue. The encouraging growth was brought forth by green-field set-ups, acquisitions and organic growth in the EMEA region. Although our profit was temporarily impacted by our businesses and management restructuring, the initiatives are set to maximise our shareholder value in the long run.¡±
The Asia Pacific region continued to be the group¡¯s largest revenue contributor, accounting for 52 percent of the total revenue after intra-group sales eliminations.
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