BEIJING - Chinese courier giant SF Holding posted a 16.68 percent year-on-year growth in revenues from its express delivery business in the first quarter.

The revenues totaled 24.028 billion yuan ($3.57 billion) in Q1, SF Holding said in a filing to the Shenzhen Stock Exchange.

Net profits attributable to its shareholders totaled 1.263 billion yuan in Q1, up 27.94 percent year on year.

The net profits growth mainly came from some non-recurring gains and losses. With the deduction for non-recurring gains and losses, the company's net profits attributable to its shareholders went down 6.78 percent year on year.

The decline of net profits was due to the rise in costs of labor, transportation, operation, management and research and development, according to a statement of SF Holding.