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 2011 are respectively expected to be between 25-
35% and 55 - 65% lower than the previous year.
Earnings per share was negatively affected by business establishment costs
relating to new contracts gained, a provision for bad debt of R4.7 million
created for a loan owing by an associate company, reduced finance income due
to lower interest rates and an increase in finance costs in line with
increased capital expenditure. A further impact on earnings per share was the
Group`s high effective tax rate which reflects certain losses incurred by
subsidiary companies for which no deferred tax assets have been raised.
Headline earnings per share was primarily affected by the reallocation in the
current period of the fair value adjustment to owner occupied property to the
asset revaluation reserve, which was expensed in the prior year.
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 2011 is
expected to be published on or about 20 May 2011.
Johannesburg
13 May 2011
Sponsors
Arcay Moela Sponsors (Pty) Ltd
Date: 13/05/2011 17:35:12 Produced by the JSE SENS Department.
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