(Yicai Global) April 27 -- Shares of S.F. Holding moved up after the Chinese express delivery giant reported the highest net profit ever in the holiday season of the first three months of the year due to cost-cutting.

SF's stock price [SHE: 002352] closed up 4.1 percent at CNY57.3 (USD8.30), still nearly flat this year.

From January to March, net profit surged by 68 percent to around CNY1.7 billion (USD248.7 million) from a year ago, the Shenzhen-based firm said in its earnings report yesterday, without providing earnings guidance. However, revenue fell 3 percent to CNY61 billion (USD8.8 billion) due to setbacks in supply chain and international business.

The company behind China's first cargo airport, Ezhou Huahu Airport in Hubei province, has managed to reduce its costs. Operational costs fell almost 5 percent to about CNY52.6 billion (USD7.6 billion). Hence, the gross profit margin surged to nearly 13.9 percent from about 12.3 percent.

The number of orders rose 18 percent to about 2.9 billion. China's express delivered 26.9 billion parcels in the first quarter, up by 11 percent, according to data disclosed by China’s State Post Bureau.

Future growth may come from abroad. SF said earlier that it will speed up going overseas by enlarging its global aviation networks and expanding cross-border and local express delivery businesses in the emerging markets of Southeast Asia.

The firm will constantly broaden the coverage of its international delivery services via self-built infrastructure, joint ventures, as well as acquisitions and mergers. SF will build warehouses in core regions abroad while offering integrated services of storage and delivery, it added.

Editor: Emmi Laine, Xiao Yi