CWT's full-year profit falls 31% to S$79m

MAINBOARD-LISTED logistics company CWT on Friday posted a 31 per cent drop in its full-year net profit, dragged down by a weak commodities business and lower naphtha trading volume.

Net profit for the year ended Dec 31, 2016, stood at S$79 million, compared to S$113.9 million the year before. Earnings per share slipped to 12.25 Singapore cents in FY2016 from 18.14 Singapore cents in FY2015.

Revenue for FY2016 fell 7 per cent to S$9.25 billion, compared to S$9.93 billion the year before.

CWT cited "exceptional costs incurred in FY2016 arising from an ongoing project" as the reason.

It is proposing a final dividend of three Singapore cents per share.