Logistics firm CWT reports 8 per cent drop in Q2 net profit

A forklift transports and stores goods at CWT Logistics Hub 1.
A forklift transports and stores goods at CWT Logistics Hub 1. PHOTO: ST FILE

SINGAPORE - Second quarter net profit for logistics firm CWT fell 8 per cent to S$27.8 million, the company announced on Monday (Aug 3).

Revenue for the three months to June 30 plunged 45 per cent to S$2 billion, partly owing to a drop in business for commodity logistics. Net profit for the six months to June 30 fell 13 per cent to S$57.9 million.

Revenue for the first half of the year dropped 53 per cent to S$3.9 billion on the back of "lower commodity trading volume in naphtha and a general drop in commodity prices", said the firm.

Quarterly earnings per share was 4.36 cents, up from 5.04 cents a year earlier.

Net asset value was S$1.323 as at June 30, up from S$1.275 as at Dec 31.

rachaelb@sph.com.sg