Blame it on its commodity marketing arm’s weak contributions.
CWT bagged an FY15 attributable profit of $108.9m, a 3% dip from the preceding year, on back of a 30% YoY crash in revenue to $9.93b.
According to a report by OCBC, the revenue drop is due mainly to a 36.9% YoY decline in revenue of CWT’s commodity marketing (CM) business, which in turn was a result of lower trading volume of naphtha and a general drop in commodity prices amidst a downturn in commodity sector.
On the flip side, its CM, engineering, and financial services segments respectively saw a 0.2 ppt, 0.7 ppt, and 21.5 ppt uptick in their respective gross profit margins.
Meanwhile, FY15 also saw a provision of $8.8m recorded as a result of the Tianjin blasts in 12 August 2015.
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