China's Sinotrans Air profit growth checked by slowing imports, ops transfer
BEIJING (XFNews) - Sinotrans Air Transportation Development Co Ltd (SHA 600270) said its third quarter net profit rose 5.66 pct year-on-year to 105.89 mln yuan.
Earnings per share stood at 0.12 yuan, unchanged from a year earlier.
It said its profit growth slowed from 12.55 pct in the third quarter of 2004 on a sluggish growth in the nation's imports and a transfer of operations to its former partner, UPS.
Total revenue in the third quarter rose 31.02 pct to 1.25 bln yuan.
For the January-September period, China's exports rose 31.3 pct year-on-year to 546.42 bln usd while imports gained 16 pct from a year earlier to 478.09 bln usd.
In December last year, UPS agreed to pay 100 mln usd to Sinotrans to take full control of its domestic express delivery operations in China.
Sinotrans Air shipped 223,200 tons of cargo in the first nine months, up 22.73 pct year-on-year, and delivered 12.61 mln express delivery items, up 8.1 pct.
The company did not provide an earnings forecast for the rest of the year.
Total assets were valued at 4.52 bln yuan at the end of September, up from 3.74 bln as of the end of last year.
Sinotrans Air is 70.36 pct owned by Hong Kong listed Sinotrans Ltd (HK 0598).