Freight Links Q2 profit up 25%

Freight Links Express Holdings has reported a net profit of US$730,565 for its second quarter ended October 31, an increase of 25.1 per cent from $583,992 a year ago, reported Business Times Singapore.

Revenue for the logistics group grew 17.9 per cent to $27.7 million from $23.56 million.

Turnover was helped by freight forwarding, which turned in $13.43 million of Freight Links' revenue - a year-on-year increase of 19 per cent from $11.28 million.

Freight Links said its gains from its freight forwarding business and lower foreign exchange loss were offset by  "lower profit contribution from the chemical logistics business due to higher property taxes and absence of job credit grants".

It elaborated that JTC land rental rates were revised upwards and a 15 per cent rental rebate was no longer extended to companies.

Another cost that ate into at Freight Links' bottom line was $1.38 million incurred in warehouse upkeep expenses, nearly twice the amount spent the year before.

The group has a 51 per cent equity stake in Sabana Investment Partners, which owns the recently listed Sabana Real Estate Investment Trust (Reit).
(source:www.cargonewsasia.com)