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SF Holding, China's express delivery giant, announced on Wednesday that its net profit in 2018 fell 4.57% year-on-year due to higher costs and new business expansion.
Net profits attributable to its shareholders totaled 4.56 billion yuan ($ 680 million), SF Holding said in its preliminary financial results for 2018, posted on the Shenzhen Stock Exchange.
In addition to rising costs, SF Holding also invested in expanding diversified logistics services to meet market demand, the company said.
At the same time, its revenues increased 27.6 percent to 90.9 billion yuan on an annual basis, thanks to the rapid growth of its traditional and new business, designed to better meet the demands of customers.
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