CWT's Q3 profit falls 17%

Singapore

HOMEGROWN logistics provider CWT posted a 17 per cent year-on-year drop in net profit for the third quarter to S$22.63 million, due partly to lower finance income and higher finance expenses.

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.