CWT Limited, the provider of integrated logistics solutions, reported a 93% fall in net profit to $10.8 million for the second quarter ended 30 June 2011 (2Q2011) compared to $154.4 million in 2Q2010 which carried a one-off gain of $147.6 million from the sale and leaseback of CWT Commodity Hub and Cold Hub.
With new revenue streams flowing from the commodity logistics and coal trading sector, CWT says the group recorded a 26% growth in revenue to $229.9 million in 2Q2011, in addition to the overall increase in business volume and contributions from the integrated logistics services.
As at 30 June 2011, the group maintains a healthy balance sheet with a net cash position of $71.8 million, representing net asset value of 76.3 cents per ordinary share.
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