Hong Kong's CWT International H1 net profit falls on tax credit absence

CWT International

28/08/2026 12:46

Overview
Hong Kong logistics and commodity marketer's H1 revenue rose 5% yr/yr to HK$23.2 bln
Net profit attributable to owners fell 26% yr/yr, mainly due to absence of prior tax credit
Commodity marketing segment profit before tax rose 42%, driven by strong copper and gold trading

Outlook
Company expects warehouse utilisation to remain stable over next 12 months
Company expects rental rates for warehouses to align with or exceed market rates in 2026
Company remains focused on operational efficiency and selective growth opportunities amid market uncertainty

Result Drivers
ABSENCE OF TAX CREDIT - Co said net profit declined mainly due to lack of logistics segment tax credit recognized in prior period
EXCHANGE LOSS - Co said net profit was negatively impacted by a net exchange loss in H1 2026 compared to a net exchange gain in H1 2025
COPPER AND GOLD CONCENTRATES - Commodity Marketing segment profit before tax rose 42%, driven by strong copper and gold concentrates trading

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
HK$23.16 bln
 
H1 Net Income Attributable
 
HK$208.8 mln
 

Analyst Coverage
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads
Aug 25 - Hong Kong's E-Commodities H1 net income soars amid coking coal price recovery
Aug 27 - China's Changan Minsheng H1 profit falls on logistics price pressure, higher labor costs

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

Press Release s3://eap-prd-eu-west-1-source-content/eap_feed_proxy/fingerpost/HKSW/2026-08-28/aca9e980-6829-4b74-b59c-0d84fe4a1890.file
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)