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    Sydney - Thursday - Dec 18: (RWE Australian Business News) - CTI Logistics Ltd (CLX) today warned that due to a slower October and November, traditionally the busiest months of the first half for the company, it now expected profit before tax for the six months ending December 31 to be down 20pc to 24pc on the same period last year after adjusting for the one-off gain on the sale of a property in that period.

    The slowdown in business activity has primarily resulted from a downturn in the company's minerals and energy work, along with "uncharacteristically weak" throughput demand from its warehousing client base leading into Christmas.

    On a positive note, the transport division is tracking in line with expectations.

    The company is also conducting due diligence on possible bolt-on acquisitions.

    Directors expect to maintain the current dividend policy.

    Copyright 2011 RWEABN

    courtesy of Bell Direct

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    (DYOR)

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    CTI LOGISTICS LIMITED – TRADING UPDATE
    CTI Logistics Limited (CTI) advises that the profit before tax for the financial year to 30 June 2022
    is now expected to exceed the profit before tax for the previous financial year by approximately
    95%, up from the previously expected 65% increase announced on 14 June 2022. The increased
    profit resulted from higher than expected revenue in May and June 2022, with annual revenue
    now expected to increase to about $282m or 18% above that of the previous year.
    As previously reported, the annual revenue growth came from increased freight volumes and
    increased usage of premium freight services, driven by supply chain disruptions and the ongoing
    impacts of COVID, plus special projects in both transport and warehousing.
    The critical shortages of drivers, together with warehouse and general staff absenteeism due to
    COVID and the flu, continue to impact the business.
    Considering the above factors, along with inflation, wage costs and interest rates, forecasting
    the future operating environment and outlook remains difficult.
    The statutory financial results for the year to 30 June 2022 will be released to the market in late
    August 2022.

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    (DYOR)

    i do not hold this share

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