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CWT’s 3Q earnings down 17% to $22 mil on lower trading volume, commodity prices

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CWT’s 3Q earnings down 17% to $22 mil on lower trading volume, commodity prices

Benjamin Cher Published on Wed, Nov 02, 2016 / 7:38 PM GMT+8

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SINGAPORE (Nov 2): Logistics provider CWT reported a 17% drop in earnings to $22 million for 3Q16.

Revenue fell 11% to $2.3 billion mainly due to lower commodity trading volume notably in naphtha and a general drop in commodity prices.

But the group maintained its gross profit at $93.7 million mainly due to unrealised mark-to-market accounting gains of $9.7 million registered in relation to the commodity marketing segment which practises hedging against commodity price risk.