Kerry Logistics Network Limited made a core net profit of HK$1.1 billion (US$142 million) in 2016, a year-on-year increase of 4%, according to annual results released by the company.

Turnover was up 14% at HK$24 billion (US$3.1 billion).

“Kerry Logistics has managed to weather market headwinds in 2016 and minimized the adverse macro-economic impact on its business with quick response to market changes,” said William Ma, group managing director.

Ma attributed the year’s performance to growth in South and Southeast Asia, as well as strong growth of the international freight forwarding business, which achieved a 24% increase in segment profit.

The integrated logistics business was stable in 2016 and contributed 79% of the group’s total segment profit. Although Greater China remained a major contributor to the business, Thailand and Vietnam recorded strong demand and growth.

The company is looking to extend its presence to the Commonwealth of Independent States and expand its portfolio of facilities in Greater China and Southeast China.

“Aligning ourselves with China’s game-changing One Belt, One Road Initiative, we are systematically expanding our network by sea, air, road and rail,” said George Yeo, chairman of Kerry Logistics. “The acquisition of the freight forwarding group in CIS countries will significantly expand our coverage in Central Asia. The opening of new road and rail freight routes from China to Europe and Pakistan will enable us to offer different options to our customers. Step by step, we are becoming the premier logistics service provider in Asia. Whatever changes may result from policy changes in the US and other countries, Kerry Logistics stands ready to help our customers adjust to them quickly and optimally.”