Leading integrated logistics solutions provider, Cogent Holdings, today reported that its net profit attributable to shareholders for the full-year ended Dec 31 2009 surged 153% to $17.7 million.

This was largely due to a one-time gain of $13.6 million from the disposal of its 7 Penjuru Close warehouse and office building pursuant to a sale and leaseback arrangement with Mapletree Logistics Trust.

Despite the full-year contribution from its Automotive Logistics segment which saw a 160.8% surge in revenue to $8.0 million in FY2009, the group posted a marginal decline in group revenue to $59.1 million.

The group also reported lower revenue from its Transportation Management segment, which saw a slight reduction in container traffic volume in Singapore amidst the global economic downturn.

Its Warehousing and Container Depot segment also posted a marginal decline in revenue mainly a result of the expiry of a rental contract with Keppel Logistics. This was compensated by higher revenue from the Container Depot operations.

Based on its latest full year results, Cogent’s basic earnings per ordinary share rose from 2.2 cents to 5.6 cents. Net asset value per ordinary share similarly rose from 5.1 cents as at Dec 31 2008 to 9.1 cents as at Dec 31 2009.