CWT's Q1 earnings up 30% at $35 million

Logistics firm CWT reported better first-quarter earnings on Wednesday, thanks to better performance from its commodity marketing unit.

Net profit for the three months ended March 31 rose 30 per cent to $35 million year on year.

Revenue for the same period came in at$4.5 billion, trebling from $1.5 billion recorded a year ago.

The firm said its financial services, warehousing and logistics services units also helped to prop up the bottom line.

Quarterly earnings per share was 5.83 cents, up from 4.5 cents a year earlier.

Net asset value as at March 31 was 115.8 cents, up from 109.9 cents as at Dec 31.

CWT shares closed 2.5 cents up at $1.58 on Wednesday evening.