CWT’s net profit slumped 14% to $26.2m in Q2
Due to weak logistics, financial services revenue.
CWT’s net profit slumped 14% year-on-year to $26.2m in the second quarter, while its revenue plunged 45% to $2.03b.
The weak results were mainly driven by a 26.4% drop in logistics earnings and a 51.8% crash in financial services revenue.
The group was also impacted by start-up costs from its new Pandan Logistics Hub (PLH) and slowdown in trading services.