CTI flags profit fall
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Perth-based trucking company CTI Logistics has flagged an 18 per cent slide in half-year profit on the back of the economic downturn.
In a statement, CTI said it expected to report a pre-tax profit of about $23.8 million, however this includes the $18.9 million made from the sale of its Bibra Lake warehouse facility last year.
The proceeds of the sale were used to fund the previously announced acquisition of Sydney-based GMK Logistics.
CTI said the GMK business had materially offset the impact of the downturn in Western Australia.
As a result, the group expects to report an EBITDA of $9.3 million - this compares with EBITDA of $9.8 million in the previous corresponding period.
After including holding costs associated with the company's Hazelmere development land and higher depreciation and amortisation charges against the GMK business, CTI expects pre-tax profit (excluding the property gain) to fall by between 15-18 per cent on the previous corresponding period.
CTI shares were unchanged at $1 each at the close.