CRG
CRG
CRG - Cargo Carriers Limited - Trading Statement
CARGO CARRIERS LIMITED
(Registration Number 1959/003254/06)
Share code: CRG
ISIN: ZAE000001764
("CRG" or "the group")
TRADING STATEMENT
Shareholders are advised that CRG`s earnings and headline earnings per share for
the year ended 28 February 2010 are respectively expected to be between 50-60%
and 130 - 140% higher than the previous year.
The directors are pleased with the results achieved in light of the global
economic downturn, which negatively impacted the local economy.
Earnings per share were improved through the careful management of costs and
overheads, the disposal and impairment of non-operating assets, and the reversal
of prior period impairment pertaining to the consolidation of the Zimbabwe
operations.
Subsequent to the dollarisation of the Zimbabwe economy and restoration of
fundamental socio-economic policies, the Group`s Zimbabwe operations have
improved. As a result, the financial information of the Zimbabwe operations is
material to the group as a whole and has been incorporated into the group`s
results for the year. The accounting treatment in terms of IFRS on the
commencement of consolidation of the Zimbabwe operations gave rise to a balance
sheet take-on gain of R2,5million, which is recognised in the income statement.
The increase in headline earnings is somewhat `exaggerated` due to the prior
year adjustment pertaining to deferred tax released on the sale of the letting
enterprise including the property, which resulted in a 38.0 cents write down
against headline earnings. Excluding the effects of this prior year write down,
this translates into a 30 - 40% increase in headline earnings.
The financial information on which this trading statement is based has not been
reviewed and reported on by the company`s auditors.
The final announcement of results for the year ended 28 February 2010 is
expected to be published on or about 19 May 2010.
Johannesburg
14 May 2010
Sponsors
Arcay Moela Sponsors (Pty) Ltd
Date: 14/05/2010 07:05:15 Produced by the JSE SENS Department.
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