CWT, the provider of integrated logistics solutions, has posted a net profit attributable to owners of $11.7 million for the first quarter ended 31 March 2010 (1QFY10). Revenue rose 9% to $167 million from $153 million in 1QFY10 revenue.

CWT says the steady increase in revenue was mainly led by the warehousing business and additional income stream from the defence logistics business, primarily contributed by Force 21 Equipment which was acquired in January 2010. Headquartered in Singapore, Force 21 is a regional solutions provider for security, defence and rescue gear and equipment.

During the quarter, the group disposed a portion of available-for-sale financial assets and its equity interest in an associate in Thailand, which resulted in an aggregate gain of $2.1 million.

The group says it continues to maintain a healthy balance sheet with a net asset value per ordinary share of 55.8 cents as at 31 March 2010.

CWT says the growing prominence of Singapore as a global trade and logistics hub has attracted many leading global companies to set up their regional distribution centres in Singapore, and such trend is expected to continue in the mid to long term.

This would in turn spur demand for quality logistics facilities and services offered by CWT to capitalise on the vast business opportunities in the region.