• Photo: SF Express


Artikel Nummer: 36237

Poor start for SF Express in 2021

The Chinese Logistics and CEP provider Shun Feng Express (SF Express Holding) has a long and winding road ahead of it in 2021. In Q1 its turnover of CNY 42.62 billion (USD 6.57 billion) was 27% up in comparison with the same period last year. It didn’t make a profit, in contrast, it reported a net loss of CNY 989 million (USD 152 million). Although the red figures were a lot smaller than last year, the forecast for the first quarter had been for a smaller loss.Wang Wei, chairman and CEO of SF Express, made an apology at the annual shareholders’ meeting, saying “I’ve underachieved in my job for the past quarter.” Besides increased investment in fast express, intra-city urgent delivery and warehouse network construction, SF Express particularly held the increased number of on-the-job personnel such as dispatchers, warehouse keepers and transit operators responsible for increased cost.Board member Wu Weiting resigned as the firm’s CFO, and the management presented a promising outlook till the end of 2021. (sh)




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