Sinotrans (0598) suffered an 11-percent dip in first-half net profit to 389 million yuan (HK$474.5 million).
Unaudited revenue rose by 12.4 percent year on year to 23.16 billion yuan, but that was offset by spiraling costs under several heads.
Earnings per share for the first six months of the year hit 0.09 yuan, down slightly from 0.10 yuan a year back. No interim dividend was declared.
The revenue gain was attributed yesterday to a "significant rise" in container freight rates and year-on-year rise in the business volume at Sinotrans and its subsidiaries.
Revenue from freight-forwarding services increased the most - up 15.1 percent to 19.63 billion yuan in the first half, from 17.06 billion yuan in 2011.
The debt ratio - or assets provided via debt - was 58.8 percent, up 3.5 percent from the same period last year.
Long-term bonds liability increased more than fourfold to 2.54 billion yuan, from 543 million yuan.
Sinotrans bought a 40-percent stake in Dongguan Humen Container Terminals for 293.33 million yuan during the period, and disposed of its jointly controlled entity Hankyu Hanshin Sinotrans International Transport for 22.05 million yuan, gaining 4.77 million yuan from the transaction.