Logistics operator CWT has reported a 6 per cent drop in second quarter net profit to $18.1 million.
This was despite revenue rising by 66 per cent to $1.73 billion for the three months ended June 30.
The surge in revenue was contributed mainly by a new product line in commodities supply chain management business.
Gross profit declined by 4 per cent as the commodity supply chain management business experienced margin squeeze and fall in sales volume of certain products.
Earnings per share slipped to 3.02 cents from 3.22 cents previously while net asset value per share climbed to 103.6 cents compared to 97.1 cents as at Dec 31.
CWT disclosed that the construction of its freezer storage, Cold Hub 2, is about 60 per cent completed. It is targeted to be completed in the first quarter of next year.
The construction of the logistics hub at Toh Guan Road East is about 40 per cent done, with its target completion end of this year.
The redevelopment of the newly acquired site at Pandan Avenue into a multi-storey ramp-up logistics facility will commence in the third quarter. It should be ready in the fourth quarter of next year.