Package delivery company United Parcel Service (UPS) has reported that its operating profits were up by 54 per cent at the end of last year.

UPS' profits hit $7.7 billion (£5.3 billion), which the company says was largely driven by profit rises in its American domestic business, reports Logistics Manager.

The company added that its profits were also bolstered thanks to its Supply Chain and Freight division.

By cutting its operating costs by $2.7 billion (£1.9 billion), UPS managed to boost its bottom line and improve its overall profits further.

Over the year, UPS managed to deliver 4.7 billion packages, which again showed an increase, this time of 2.1 per cent throughout 2015. And, across its peak season in 2015, with Christmas deliveries, the company delivered a record 612 packages.

UPS CEO David Abney said: "Our flexible integrated network, close collaboration with customers and the extraordinary efforts of UPSers enabled us to achieve great service and record financial performance this year."