CTI Logistics lifts profit by 59%

Transport group CTI Logistics says expansion to its warehousing and distributing division and new fleet management contracts resulted in an increase in interim profit to $3.6 million.

CTI recorded a 59 per cent lift in profit for the half year to December 31, up from $2.3 million in the previous half year.

Revenue for the period was $37.3 million, up 28 per cent on the prior period's $29.2 million.

CTI increased its interim dividend by 20 per cent to 3 cents per share, which will be paid on May 6.

"The gains in both revenue and profits were primarily due to new fleet management contracts and to the expansion of the warehousing and distribution division," CTI executive chairman David Watson said in a letter to shareholders.

"The outlook for both these areas remains positive. Further, to leverage our continued growth, we have leased two new warehousing facilities.

"We are also hopeful of gaining permission to develop our Hazelmere site as an additional warehousing and distribution centre in the near future."