Kerry Logistics hits lowest in over 3 years after weak H1

KLN Logistics

29/08/2023 07:55

** Shares of Kerry Logistics Network Ltd  0636.HK  fall as
much as 7.1% to HK$7.11, their lowest since June 2020
    ** Stock on course for a third consecutive session of
losses, if trend holds
    ** Stock is the fourth-biggest pct loser in Hang Seng
Composite Index on industrial stocks  .HSCIIG  
    ** The international freight forwarding services provider
says H1 net profit down 85% YoY to HK$368 mln ($46.9 mln) and
revenue fell 47% YoY to HK$25.3 bln amid weak global demand,
slower-than-expected recovery in Asia exports and plunged
freight rates 
    ** Hang Seng Composite Index, which tracks industrials
 .HSCIIG , climbs 1.7%, while Hang Seng Composite Index  .HSCI 
and Hang Seng Index  .HSI  rise 1.9% each
    ** As of last close, Kerry Logistics stock down 45.5% this
year
    
    ($1 = 7.8446 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))