CWT

CWT: Revenue for 3Q at $192.7m was 23% higher yoy, 5.4% higher qoq from maiden contributions in Slovenia and Portugal. Despite higher rev, profit to owners came in at $5.4m, -9%yoy due to higher freight costs. Other contributing factors to costs were 1) phasing out of 2009 govt resilience budget scheme, 2) new start up costs and 3) the fall in demand for logistics from Marine industry. Excluding a one-off gain of $147.6m in Q2, profits still decreased by -19.3%qoq…

Net gearing is at 0.68x due to the payoff of $144m loans in Q2. The company has invested additional funds to grow its Europe business and given its current b/s position, will be focusing on new projects. It has set up a subsi, Straits Financial LLC, to engage in the clearing of commodity future and derivatives as well.