CRG
CRG
CRG - Cargo Carriers Limited - Trading Statement
CARGO CARRIERS LIMITED
(Registration Number 1959/003254/06)
Share code: CRG
ISIN: ZAE000001764
("Cargo Carriers" or "the company")
TRADING STATEMENT
Shareholders are advised that Cargo Carriers earnings per share for the year
ended 28 February 2009 are expected to be 55-60% below the previous year and the
headline earnings per share are expected to be 18-23% below the previous year.
The Cargo Carriers directors believe that there are some explanations necessary
in case stakeholders are misled by a simple announcement.
The year ended 29 February 2008 earnings per share for the company was
exceptional in that it contained a contribution of 174.9c per share from the
write up of investment property to fair value.
The year ended 28 February 2009 earnings per share for the company contains a
contribution of 10.3c per share resulting from a combined write down of
investment property to fair value and a tax credit due to the prior year`s sale
of the letting enterprise and the property.
The total earnings per share for year ended 28 February 2009 is expected to
show a decline of approximately 55-60% over the previous year, but it
disregards what the directors` think is a good earnings performance from the
normal operations (excluding the property segment), which are expected to be
approximately 148-153% up on the 29 February 2008 performance.
The decrease in the year ended 28 February 2009 headline earnings per share is
attributed to increased finance costs resulting from higher interest rates
coupled with increased capital expenditure during the period under review.
The final announcement of results for the year ended 28 February 2009 is
expected to be released on SENS on or about 21 May 2009.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
Johannesburg
18 May 2009
Sponsors
Arcay Moela Sponsors (Pty) Ltd
Date: 18/05/2009 17:56:42 Produced by the JSE SENS Department.
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