CWT’s net profit tumbles by 16.1% to $27.2m in 3Q

Taking a huge hit with ballooning impairment losses.

The integrated logistics and supply chain solutions provider sustained a $6.3m bite off of its earnings due to losses in the Tianjun explosions.

According to a report by OCBC, its revenue plunged 48.8% yoy to $1.93b, due to declines in trading volume and commodity prices.

“Including the estimated insurance claims provided for in 3Q15, the net effect of the explosions on its PATMI was a loss of S$6.3m. Excluding the one-off net impairment charge, 3Q15 core PATMI rose 3.4% YoY to S$33.5m,” OCBC said.

Meanwhile, excluding logistics, gross profit margins improved across all other segments.

“Logistics GPM was drag down by start-up costs from Pandan Logistics Hub (PLH) as occupancy rate as at end-3Q15 was only 80%,” OCBC said.