CWT Q3 net profit down 9%

CWT's net profit for the third quarter ended Sept 30 slid 9 per cent year on year to S$20.64 million.

This was despite a 34 per cent jump in revenue to S$3.14 billion due to higher commodity prices.

Profit after tax fell 7 per cent to S$21.52 million, the company said, owing to lower gross profit from base metals concentrates trading, decreased contribution from financial services, start-up costs from a new mega integrated logistics hub as well as lower contributions from contract and freight logistics.

Earnings per share for the quarter fell from 3.77 Singapore cents to 3.44 cents.