CWT posts 14% drop in Q2 profit

LOGISTICS provider CWT on Monday posted a 14 per cent drop in its second-quarter net profit to S$26.2 million, largely due to a fall in commodity logistics volume, slowdown in trade services, and start-up cost related to a new logistics hub.

Earnings per share came in at 4.36 Singapore cents for the three months ended June 30, 2015, down from 5.04 cents in the same period last year.

Revenue was down 45 per cent to S$2 billion due to a weaker commodity trading volume in naphtha and a general drop in commodity prices.

Gross profit fell 16 per cent to S$75.5 million for the quarter.

Net asset value per share rose 14 per cent to 132.3 Singapore cents as at end-June.

The company approved an interim net cash dividend for the current financial year of S$0.03 per ordinary share, payable on Aug 25.