According to the Zhitong Finance App, CWT INT'L (00521) announced results for the year ended December 31, 2023. The group obtained revenue of HK$37.226 billion, a decrease of 3.78% year on year; profit attributable to company owners was HK$39.93 million, a decrease of 74.48% year on year; profit per share was 0.34 HK cents.
The Group reported net profit of HK$21.471 million (re-listed in 2022: net loss of HK$116.6 million) and net profit from continuing operations of HK$577.23 million (re-listed in 2022: HK$372 million). The decrease in net profit from continuing operations was mainly due to fair value losses on the Group's unlisted equity investments in limited partnerships (real estate investments in the US) with profit and loss recorded at fair value; a sharp drop in freight volume in the freight logistics division and a sharp reduction in shipping freight charges. However, there is still a glimmer of hope. The reason is that the performance of the financial services and commodity trade segments has improved compared to 2022, which will help offset the negative impact of some freight logistics.