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China's leading logistics company Sinotrans announced in Hong Kong on Wednesday that its annual turnover for 2005 reached 28.79 billion yuan (3.58 billion U.S. dollars), 30.09 percent more than in 2004.

Sinotrans said that, thanks to the rapid economic development of China and the boom of logistics market, its core business of freight forwarding, express services and shipping agency saw remarkable growth, with turnover surging 31.87 percent, 36.66 percent and 7.05 percent respectively.

Zhao Huxiang, chairman of the board of Sinotrans, said the competition in the logistics market is getting more intense, but the company's performance as the leader of the market is satisfying.

According to the agreement on its accession to the World Trade Organization, China has already opened up its logistics market since December 2005, which will draw logistics giants to share the promising market and make the competition more intense.

Sinotrans said in its annual financial report that the total profit was up 2.42 percent to 1.27 billion yuan in 2005. Profit attributable to shareholders of the company grew to 856.9 million yuan from 803.9 million yuan. Earnings per share was 0.20 yuan.

Facing stronger competition in 2006, the company said it will improve its overall competitiveness by resource integration, new products promotion, service efficiency enhancement and internal control.