China courier firm STO revenue up over 35% in 2019

BEIJING - Chinese courier giant STO Express Co Ltd posted 35.58-percent revenue growth in 2019 on the back of robust business growth and increased market share.

In its preliminary earnings estimate filed to the Shenzhen Stock Exchange, STO said it generated a revenue of 23.07 billion yuan ($3.3 billion) last year.

The net profits, however, fell 30.06 percent year-on-year to 1.43 billion yuan as the company revved up spending for a bigger market share amid fierce competition, it said.