(Yicai Global) Oct. 31 -- Total profit at China’s four leading couriers more than doubled in the third quarter, as the economy picked up.

S.F. Holding, YTO Express Group, STO Express, and Yunda Holding had combined net profits of CNY3.2 billion (USD438.2 million) in the three months ended Sept. 30, a gain of 101 percent from a year earlier, according to their earnings reports. Total revenue jumped 39 percent to CNY104.3 billion.

Yunda and STO Express released their third-quarter trading results today, while S.F. and YTO Express published theirs on Oct. 28 and Oct. 15, respectively.

S.F. led the group with a net profit of CNY2 billion, representing an 89 percent jump from a year ago. YTO saw net profit surge the most, climbing 223 percent to CNY998 million (USD136.7 million). Yunda’s fell 35 percent to CNY219 million, while STO’s climbed 124 percent to CNY22 million (USD3 million).

In the context of a recovery in the express delivery market, Shenzhen-based S.F. posted quick sales growth through sustained enhancement of service quality and the ability to develop diversified logistics services, it said. The firm also boosted efficiency by enhancing its operating modes, integrating logistics resources and controlling cost growth, it added.

China’s couriers delivered 80 billion parcels in the first nine months, up 4.2 percent from a year earlier, figures from the State Post Bureau showed recently. Express delivery revenue rose 3.5 percent to CNY768.9 billion (USD105.3 billion) in the period.

The earnings growth can also be attributed to a truce in the price war between firms. S.F. said in its report that vicious price competition had eased greatly after the government standardized industry practices, with a sustained rebound in unit prices.

China’s express delivery sector is entering the stage of steady growth, YTO’s management said at an investors meeting on Oct. 16, adding that competition will shift to service quality and management level.

Editor: Peter Thomas