22/08/2014 - 15:14

CTI profit steady in FY2014

22/08/2014 - 15:14

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CTI profit steady in FY2014

Perth-based trucking firm CTI Logistics held its profit largely steady over financial year 2013-14, even as the company lodged an 11 per cent uptick in revenue.

CTI said its net profit for FY2013-14 came in at $9.83 million, up 0.13 per cent on FY2012-13.

Revenue was up 11.1 per cent to $140.6 million, CTI said.

The company said its profit was affected by tough market conditions, costs associated with the development of a regional road freight network and a decline in courier and resources-related activities.

It will pay a final dividend of 4.0 cents, taking its full-year dividend payout to 8 cents.

“The year under review saw continued expansion of our transport, warehousing and logistics operations, tempered somewhat by a lower margins due to costs of establishing the regional freight network and a general slowdown in market activity impacting on our metropolitan courier and resources-related activities,” chairman David Watson said in a letter to shareholders.

“During the year we completed the second phase of the Hazelmere warehousing and distribution complex and acquired land adjacent to the site for further development.

“The directors will continue to expand the company, both organically and by acquisition.”

Specific areas CTI will look to expand into include adding more warehousing to its portfolio, further development of the regional freight business and an expansion of its metropolitan freight network.

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