Stock Track | J&T Express-W Surges Nearly 7% After Swinging to Profit on Strong Overseas Sales

Stock Track08-19

Shares of J&T Express-W, the Tencent-backed Chinese logistics company, rallied nearly 7% on Monday after the company reported a swing to profit in the first half of 2024, boosted by strong overseas sales growth and lower expenses.

J&T Express-W said its net profit for the first six months of the year was $27.6 million, compared to a net loss of $641 million in the same period last year. The company's revenue rose 10% year-over-year to $4.86 billion.

A major factor contributing to the profitability was a sharp drop in selling, general and administrative expenses to $381.7 million, down from $1.77 billion a year ago. The company said this was driven by significantly lower share-based payments and expenses.

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