CWT's profit falls 19% on poor commodities performance
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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.
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The counter closed one cent lower at S$2.02 on Thursday, before the results announcement.
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