Trailer Magazine

CTI Logistics on FY2019 results

  • Posted on Monday 2nd, September 2019.

Transport company, CTI Logistics, has released its results for the 2019 financial year.

Revenue from operations was up 15.9 per cent to $212,030,564, while reported profit before tax for the year was $1,793,863.

“After adding back the charge for the contingent consideration of $2,340,000 relating to the purchase of Jayde Transport the profit before tax was $4,133,863, down 31.7 per cent on a comparable basis with the previous corresponding period after excluding the sale of a non-core property in the previous year of $293,365,” CTI Logistics Executive Chairman, David Watson, said in a letter to shareholders.

“Including the effect of the one-off non-tax deductible contingent consideration, the reported net profit after tax $788,074 which represents earnings per share for the year of 1.05 cents.

“EBITDA for the year, adding back the contingent consideration, was $15,210,571, down 5.9 per cent on the previous year,” he said.

The company increased its interest bearing debt by $4,683,107 according to Watson.

“The increase in debt included funding of the Stirling Freight acquisition and related working capital as well as the contingent consideration paid in February 2019 in respect of the Jayde Transport acquisition and after allowing for the cost of plant, equipment and motor vehicles,” he said.

CTI Logistics attributed the state of the economy, particularly in Western Australia, on the impact of its FY2019 results, with reported reductions in activity and increased margin pressure across its clients.

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