CWT's Q1 profit down 16 per cent to S$29m

LOGISTICS, commodity and engineering group CWT Ltd's first-quarter net profit dipped 16 per cent to S$29.2 million, due to a slowdown in trade services, translation losses on euro-dollar denominated inter-company loan to a subsidiary, as well as start-up costs of new logistic hubs.

This came on the back of revenue plunging 59 per cent to S$1.87 billion due to lower commodity trading volume and a significant fall in commodity prices.

Earnings per share stood at 4.87 cents, while net asset value was S$1.338 per ordinary share. No dividend has been proposed.

CWT's counter closed at S$1.92, up 3.5 cents or 1.86 per cent.