CWT

Earnings surged at logistics firm CWT in the second quarter, thanks to stronger performance from its engineering services and commodity marketing segments.

Net profit for the three months to June 30 shot up from $13.7 million a year ago to $49.9 million, driven by a 9 per cent year-on-year increase in revenue to about $2.6 billion, the firm reported yesterday.

First-half net profit rose 115 per cent from a year ago to $80.2 million, as turnover jumped 22 per cent to $5.2 billion.

Quarterly earnings per share was up sharply to 8.32 cents from 2.27 cents a year ago, while net asset value per share rose to 151.4 cents as at June 30, from 145.6 cents as at Dec 31.

PACC Offshore Services Holdings

Offshore marine services provider PACC Offshore Services Holdings narrowed net losses in the second quarter as its share of joint ventures posted better results.

Net loss for the three months to June 30 came in at US$9.1 million (S$12.3 million), against the US$17.5 million loss suffered a year ago.

This was helped by higher contributions from joint ventures, which swung to a profit of US$4.6 million, reversing a loss of US$3.1 million in the second quarter of 2016.

Revenue was down by 8 per cent year on year to US$42.4 million amid challenging conditions across the industry that led to lower utilisation and charter rates, the firm said yesterday.

Quarterly loss per share was 0.5 US cent, compared with loss per share of 0.97 US cent a year earlier. Net asset value per share shrank to 36.28 US cents as at June 30, from 37.98 cents at the end of December 2016.

k1 Ventures

Investment company k1 Ventures' full-year net profit rose 6.7 per cent from a year ago to $149.98 million, boosted partly by fair value gains from the revaluation of Guggenheim Capital.

However, revenue plunged 51.7 per cent to $94.16 million, largely due to a drop in investment income from Knowledge Universe Holdings, it said yesterday.

It is proposing a final dividend of 6.5 cents per share for the year to June 30. No final dividend was paid in the previous year.

Earnings per share for the year was 34.63 cents, up from 32.45 cents a year ago, while net asset value grew to 76 cents as at June 30, from 48 cents at the end of June 2016.

Correction note: The item on k1 Ventures has been edited for clarity. Its full-year net profit was boosted partly by fair value gains from the revaluation of Guggenheim Capital. We are sorry for the error.