CTI Logistics has upped its net profit forecast by 30 to 35 percent for this financial year
June 23, 2011
CTI Logistics has upped its net profit forecast by 30 to 35 percent for this financial year.
The Western Australian transport and logistics firm told shareholders in December that new fleet management contracts and the expansion of its warehousing and distribution division was expected to inflate its half year results.
This figure duly grew by 59 percent to $3.6 million on the previous year’s first half, on a 28 percent rise in revenues to $37 million.
The second half profit growth was expected to be higher than the previous second half but lower than the first half just past, according to Company Secretary David Mellor.
This was put down to development approval delays at CTI’s Hazelmere logistics complex and “delays in the ramp-up of some project-related work, which is expected to re-build momentum in the coming months”.
Last financial year’s profits after tax were up 13.5 percent to $4.7 million on revenue of $61 million.