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LONDON (Alliance News) - China Chaintek United Co Ltd said Tuesday that trading across the group is in line with market expectations for the current financial year.
In a statement issued ahead of the company's annual general meeting Tuesday, the firm said the management team remains focused on the planned strategy for growth and construction of its new Logistics Park - the land use rights for which were acquired for a total of RMB273 million - is set to commence in the fourth quarter of 2014.
China Chaintek, the logistics services provider to manufacturers of consumer goods in China, said it will issue a more detailed interim trading update to the market in the first week of August 2014.
In April the firm said revenue and profit rose in 2013, driven by its logistics services division, and said construction for the logistics park, which is key to future growth, will take roughly 18 months to complete. Pretax profit rose 12% to RMB284.9 million in 2013 from RMB253.5 million the prior year and revenues increased by 2.9% to RMB350.6 million, compared with RMB340.6 million in 2012, which it said was driven by its current customer base and its logistics services division.
Shares in the company were trading 3.11% lower at 109.00 pence per share Tuesday afternoon.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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