CATALIST-LISTED investment firm CWX Global, which has a minority stake in Thai oil concessions, on Friday reported a massive jump in third-quarter earnings on income tax credit.
CWX attributed the manifold growth to an income tax credit of S$531,000 - reversing a previous expense of S$374,000 - and cited earlier"over-provision of income tax" for its Thai operations. "The group's investment business and FIT's trading business are expected to grow gradually due to the current weak global sentiment," CWX said in its outlook statement, while adding that it is"working on raising oil production volume and revenue".
No dividend was declared, unchanged from the year before, with the board saying that it thought it"appropriate to conserve cash for the group's operations".
Source: News Formal (newsformal.com)
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