CWT

CWT reports 28% fall in net earnings of $8.4m for 1Q

For the quarter under review, revenue increased by 13% from $167.0 million in 1Q2010 to $189.0 million in 1Q2011, mainly due to the maiden contribution from the coal supply chain management business which started in 2010 in addition to growth across various business segments.

Following the start of this new venture, the change in sales mix partly contributed to the decline in gross profit margin. Total gross profit declined to $23.5 million, compared to $24.8 million in 1Q2010, attributed also to the completion of sale and leaseback of two properties in April 2010.

During the year, the group expanded into commodity futures brokerage and commodity supply chain management business, thereby incurring additional startup costs. Coupled with the higher finance costs due to recognition of unrealised foreign exchange losses arising from depreciation of USD, Euro and other currencies against SGD, net profit attributable to owners decreased by 28% to $8.4 million in 1Q2011.

As at 31 March 2011, CWT remains financially healthy with a net cash position of $104.4 million, representing net asset value of 76.6 cents per ordinary share.

 

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