CWT's profit falls 19% on poor commodities performance

CWT Limited's net profit fell by a fifth in the first quarter, as lower commodity prices and trading volumes dragged down revenue.

The logistics and commodities group recorded a net profit of S$23.7 million for the three months ended March 31, down 19 per cent from S$29.2 million a year ago.

This translates into earnings per share of 3.95 cents, down from 4.87 cents in the same period last year.

Revenue tumbled 14 per cent to S$1.88 billion.

The logistics business saw improvement in profit, but the commodity market unit's profit was weighed down by unrealised mark-to-market losses, said the group.

It added that the construction of the CWT integrated logistics hub is on track and will be completed by the first half of next year.

The counter closed one cent lower at S$2.02 on Thursday, before the results announcement.