(Yicai) Aug. 29 -- SF Holding, China's largest express delivery company, reported net profit of CNY4.2 billion (USD574 million) for the first half of the year, a record high for the period.

Net profit jumped 66 percent in the six months ended June 30 from a year ago thanks to the continuous expansion of SF's advantageous businesses, structural adjustments, and cost-cutting, the Shenzhen-based company said yesterday. Revenue fell 4.4 percent to CNY124.4 billion (USD17.1 billion).

Revenue from SF's supply chain and international business plunged 38 percent to CNY28.9 billion (USD4 billion), mainly because of a sharp fall in international air and sea freight demand, the firm noted, adding that the business steadied in the second quarter and grew to some extent from the previous quarter.

SF's express logistics business contributed revenue of CNY92 billion in the first half, up 13.4 percent. The time-definite express business achieved before-tax revenue of CNY56.1 billion, up 13.8 percent, the highest among its delivery-related business segments.

SF delivered nearly 5.9 billion parcels between January and June, a 14.6 percent rise from the same period of last year. According to the State Post Bureau, 59.5 billion express parcels were delivered in the period, generating CNY554.3 billion in revenue and per-unit income of CNY9.31 (USD1.28). While these figures grew compared with a year earlier, per-unit income fell.

As of the end of June, the sorting equipment installation and commissioning in SF's Ezhou cargo hub and logistics complex and the whole-site joint commissioning with all links of the airport system have been basically completed, the firm said. The hub is entering trial operation and should go into official operation in the third quarter, it added.

SF's shares [SHE: 002352] rose 1.3 percent to close at CNY44.55 (USD6.11) each today. The benchmark Shanghai Composite Index rose 1.2 percent.

Editor: Futura Costaglione