CWT Q2 net profit falls 48%

LOGISTICS provider CWT Ltd posted a 48 per cent dip in second quarter net profit to S$13.7 million from S$26.2 million a year ago.

Revenue fell 15 per cent to S$2.4 billion from S$2.8 billion due to lower commodity trading volume notably in naphtha and lower commodity prices.

Earnings per share stood at 2.27 Singapore cents versus 4.36 Singapore cents in the previous corresponding period.

No dividend was declared for the period compared to an interim net cash dividend per share of three Singapore cents last year.

For the first half period, net profit came in at S$40.1 million, down 31 per cent on the back of a 15 per cent fall in revenue to S$4.2 billion.

The counter closed one Singapore cent or 0.5 per cent lower at S$2.03 on Friday.