One of China’s largest explicit delivery corporations announced a surge in first-quarter profits amid Covid lockdowns in the country. However, it also warned of disruptions in the current quarter.
ZTO Express, which is roughly nine percent controlled by Alibaba Group, said its profits in the three months to March rose 22. 1 percent from a year earlier to 7. 9 billion yuan, or $1. 25 billion. Prices rose 64. 1% to 875. 5 million yuan.
“Despite (the) serious influence of omicron-induced closures starting in March, the company increased package volume by $5. 2 billion, or 16. 8 percent, while achieving the highest levels of visitor satisfaction and earnings growth,” ZTO said in a statement. presentation.
However, President Lai Meisong noted a slowdown in industry activity in April, as the lockdown deepened in the world’s second-largest economy. a low in its package volume of almost 12 percent year-on-year for the month of April,” he said.
“ZTO Shanghai among the first logistics corporations to resume operations in early May. China is committed to containing the virus and maintaining a solid economic expansion at the same time. We expect to see a conscientiously organized uptick through supportive core policies and coordinated local efforts. Lai said.
Lai now has $5. 3 billion on Forbes’ list of real-time billionaires.
“We who lay the foundations of China’s economic expansion are solid, and although prevention will become a daily norm, being an integral component of people’s daily lives, the explicit delivery industry will continue to be the catalyst for economic expansion. In addition to harvesting, he benefits from it,” Lai said.
The company revised its annual parcel volume projection to between $24. 96 billion and $25. 86 billion by 2022, representing a year-on-year increase from 12% to 16%. Relative to the industry’s overall performance, the company “is confident of an accumulation of one percentage point or more,” ZTO said.
ZTO shares traded in the U. S. U. S. agencies have lost nearly 21 percent over the past year. Today they closed at $25. 20.
See similar articles:
The “gigantic” effect of Covid lockdowns in China will affect the automotive industry around the world
Tencent’s fall of 51% in a context of pandemic, revenues are stable
Global Semiconductor Market Imbalance Drives Industry Change: NXP CEO
@rfannerychina
Full Coronavirus Policy and Updates