CWT's revenue climbed 39% to S$1.5b
But net profit was flat at S$27m.
According to OCBC Investment Research, CWT’s 1Q13 revenue increased by 39% YoY to S$1.5b, largely due to growth from its newly established Commodity SCM business.
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However, net profit was flat at S$27m as the start-up costs offset any incremental earnings for the new business segment. Nonetheless, the results were within our expectations. CWT’s balance sheet also appeared to be stable with net gearing of 0.48x as at end-Mar 2013.