(Yicai) March 27 -- Shares of SF Holding plunged after China’s largest express delivery company said its revenue fell last year from the year before despite profit widened.

SF [SHE: 002352] was trading down 5.3 percent at CNY35.95 (USD4.97) as of lunch break in Shenzhen today, after earlier plunging as much as 7 percent.

Net profit jumped over 33 percent to CNY8.2 billion (USD1.1 billion) in the 12 months ended Dec. 31 from the previous year, the Shenzhen-based company said in its latest earnings report released yesterday. Revenue declined 3.4 percent to CNY258.4 billion (USD35.8 billion).

Except for the supply chain and international business, all of SF’s other segments reported growth last year. Revenue from the time-sensitive delivery business rose 9.2 percent to CNY115.5 billion from the year before, accounting for 45 percent of the total, while that from the same-city instant delivery business jumped 13 percent to CNY7.3 billion.

Revenue from the supply chain and international business plunged nearly 32 percent to CNY60 billion (USD8.3 billion) in the period, mainly due to weaker demand for international air and sea transport and lower freight rates. However, the decline has continued to narrow with demand and freight rates stabilizing, SF explained.

SF operated in all Chinese cities, as well as 202 countries and regions worldwide as of the end of last year. The firm had 103 cargo planes flying 152 domestic and international routes and connecting 65 international airports. It had over 1.95 million active monthly paying customers and more than 663 million individual members.

In yesterday’s financial statement, SF also noted that it intends to pay cash dividends of CNY6 (83 US cents) per 10 shares to all shareholders, up 140 percent from the previous scheme.

Editor: Futura Costaglione