Record revenue, lower net for CWT

CWT Limited achieved record revenue and gross profit for the full year ended Dec 31, 2013, but net profit dipped 2 per cent to $106 million. This was due to the absence this time round of a significant one-time gain from a property transaction that it saw in the preceding financial year.

The integrated logistics player said yesterday that its FY 2013 "other income" declined to $8 million from $29.1 million in FY 2012, when it made a gain of $22.5 million from the sale and leaseback of a logistics property.

"Excluding the non-operating items for both years, group PATNCI (operating profit after tax and non-controlling interests) of $96.5 million for FY2013 was 12 per cent higher than FY2012 PATNCI of S$86.5 million," said CWT. Gross profit rose 15 per cent to $292 million.