KUALA LUMPUR (May 17): Century Logistics Holdings Bhd's net profit dropped 45.5% to RM2.64 million in the first quarter ended March 31, 2018 (1QFY18) from RM4.85 million a year ago, mainly due to lower activities in the total logistics services segment and set-up costs of the courier services operation during the current quarter under review.

This resulted lower earnings per share of 0.67 sen in 1QFY18 compared with 1.25 sen in 1QFY17.

This was despite quarterly revenue rising 30.6% to RM92.73 million from RM71.03 million a year ago, on higher activities in the procurement logistics services segment.

On prospects for the current financial year ending Dec 31, 2018, Century Logistics said the logistics sector is expected to remain challenging in 2018.

"In order to address this expectation, the group will continue to leverage on its extensive customer base and internal strength which the group has put in place that focuses on providing value-added logistics solutions, while maintaining cost efficiencies.

"Following the ongoing synergy process, the group also intends to tap on the extensive network and infrastructure of its major shareholder, CJ Logistics Group. The group is currently rolling out its courier services and has commenced operation during the first quarter of 2018," it added.

Century Logistics shares closed 2 sen or 2.76% higher at RM74.5 sen today, with 666,300 shares done, bringing a market capitalisation of RM293.7 million.