CWT

CWT: Launched its 3-year senior unsecured, unrated fixed rate notes today at the low 4% region. Otherwise, latest on the group was its 4Q13 results on 26 Feb; 4Q13 reveune soared to $3.7b, more than double that for the first three quarter of 2013, while net profit jumped 73% to $41.8m with energy products SCM and engineering services the main contributors. FY13 net profit slipped 2% y/y to $106m in the absence of a $22.3m gain from sale and leaseback of a logistics property last year, and higher finance costs (+105%) from trade credit facilities and structured trade services. Revenue surged 69% to $9.1b mainly due to trading of new products like naphtha and distillates. First and final DPS of 3.5¢ declared, higher than FY12's DPS of 3¢.