SHENZHEN, April 10 (Xinhua) -- Chinese courier giant STO Express posted 37.7 percent annual growth in net profit last year as booming e-commerce drove up demand for express delivery services.
In a filing to the Shenzhen Stock Exchange, STO Express said it earned a net profit of 2.05 billion yuan (305 million U.S. dollars) in 2018.
Meanwhile, its revenue rose 34.4 percent year-on-year to 17 billion yuan.
The company handled 5.1 billion parcels in 2018, up 31.1 percent year-on-year and had a 10.1 percent market share in China.
In 2018, China's express delivery sector handled 50.7 billion parcels, an annual increase of 26.6 percent, according to the State Post Bureau.
Online retail sales of physical goods in China grew 25.4 percent year-on-year to 7 trillion yuan last year, according the National Bureau of Statistics.
Shares of STO Express closed 1.77 percent lower at 25.54 yuan in Shenzhen.
