Freight services operator Grand Power Logistics has said it has returned to profitability in the first quarter as revenue rose 10%.
But it has also said it will continue to consolidate operations, minimize corporate financing and cut staff until financial markets improved.
The company stated ‘In view of the recent global financial crisis, the corporation plans to continue to consolidate its operations, particular with its operations in China which had expanded significantly in 2008, and to continue to carry out its cost reduction program with the goal of further improving the corporation’s operating results.’
Revenue rose 10% to $25.4 million from $23.1 million.
President and CEO Ricky Chiu, said, ‘We have significantly decreased our operating costs and remain focused on expanding our operations into market segments with higher operating margins, such as our direct client business.’
The Canadian Press reports Grand Power Logistics provides air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution, as well as other transportation services, mainly in the Greater Pearl River Delta, China’s largest economic region.