SINGAPORE/PRNewswire/
-- CWT Limited (SGX:C14) ("CWT" or the "Group"), a Forbes Global
2000 company, today reported revenue of S$1.9
billion, gross profit of S$83.4
million and net operating profit ofS$29.2
million for its first quarter ended March
31, 2015 ("1Q2015"). The Group posted diluted earnings
per share of 4.9
cents for 1Q2015 and NAV per ordinary share
of 133.8
cents at the end of March
2015.
Financial highlights
In
S$'000
1Q2015
1Q2014
%
Change
+/(-)
Revenue
1,874,122
4,536,297
(59)
Gross Profit
83,409
86,213
(3)
Net Operating PAT (exclude
non-operating items)
29,017
34,975
(17)
Net Profit Attributable to
Owners
29,242
34,975
(16)
Earnings per ordinary share
(cents)
4.87
5.83
(16)
NAV per ordinary share
(cents)
133.8
115.8
16
Compared to the prior year, CWT reported lower quarterly revenue
largely due to lower commodity trading volume, notably in naphtha
and a significant drop in commodity prices. Despite the 59% slide
in revenue, the Group was able to hold on to its gross profit which
decreased only marginally by 3%. However, profit after tax declined
by 17% to S$30.0
million as a result of mainly translation losses on
Euro dollar denominated intercompany loan to a subsidiary and
start-up costs incurred for new logistics hubs.
CWT
recorded a gain of S$4.7
million in 1Q2015 on the sale of REIT units which was
reflected as finance income and wrote down
approximately S$4.9
million in intangible assets/goodwill and other foreign
assets. The write-downs were parked under other operating
expenses.
"Our
first quarter performance was compromised by near-term macro
uncertainty which affected certain areas of our addressable
market," said CWT Group CEO Loi Pok
Yen. "However, we continue to demonstrate operating
profitability and remain focused on aligning our business portfolio
effectively to capitalise on market growth opportunities."
In
March, CWT issued S$100
million in aggregate principal amount of 4.8% fixed
rate notes due 2020, the third tranche of its notes issuance under
the Group's S$500
million multicurrency debt issuance programme. The net
proceeds are used for general corporate funding purposes.
The
Group recently announced that it has been appointed the Logistics
Service Provider for the upcomingSingapore-held
28th SEA Games 2015 to provide full supply chain
management and supporting logistical services inclusive of manpower
and transportation.
CWT,
which has been placed on the 2015 Forbes Global 2000 companies'
list, is currently building a new generation 2.4 million sq. ft.
integrated warehouse cum container port mega logistics hub, with
full completion expected in 2017.
About CWT
CWT is
a leading provider of integrated logistics and supply chain
solutions. Our business is about connecting world trade. We move,
build and power customers' supply chain forward. We combine our
logistics capabilities, global network and resources to add value
for customers. CWT Group also provides commodity marketing,
financial and engineering services ancillary to its core logistics
business. For more information, visitwww.cwtlimited.com.
Issued
by: CWT Limited
Date: 14 May
2015
For more information, contact:
CWT Limited
Lynda GOH
Johan LIM
Deputy Group CEO & Group
CFO
Senior Manager, Corporate
Communications
Tel: (65) 6307
8338
Tel: (65) 6307
8018
Fax: (65) 6261
2373
Fax: (65) 6261
2373
Email: [email protected]
Email: [email protected]
Editor's note:
This
media release should be read in conjunction with CWT's unaudited
financial statements for the first quarter ended 31/3/2015 issued
in the results announcement dated 14 May
2015 on the SGXNET.