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LOGISTICS provider CWT on Wednesday reported a 17 per cent year-on-year drop in net profit for the third quarter to S$22.63 million.
Revenue for the three months ended Sept 30, 2016, slid 11 per cent to S$2.34 billion due to lower commodity trading value - notably in naphtha - and a general drop in commodity prices, arising from the global downturn in the commodity sector.
Earnings per share came in at 3.77 Singapore cents, down from 4.54 Singapore cents a year ago.
The group said it had maintained its gross profit at S$93.7 million for Q3 2016 despite a drop in revenue, mainly due to unrealised mark-to-market accounting gains of S$9.7 million in relation to its commodity marketing segment, which practises hedging against commodity price risk.