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 headline earnings per share for the year
ended 29 February 2012 is expected to be between 20-30% higher than the previous
year, however, earnings per share is expected to be between 20-30% lower than
the previous year.
The increase in headline earnings per share is pleasing and reflects the real
growth in operating profits within the Group. Profit from operating activities
increased by 39.4% and can be attributed to the positive effects of contracts
awarded in the prior and current year, coupled with the discontinuation of
certain non-profitable contracts.
Earnings per share was negatively affected by the Group`s high effective tax
rate of 60.6% which reflects certain deferred tax assets on assessed losses in a
subsidiary company being written off, in conjunction with the increased capital
gains tax rate adjustment to the opening deferred tax balance on investment
properties.
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 29 February 2012 is
expected to be published on or about 15 May 2012.
Johannesburg
10 May 2012
Sponsors
Arcay Moela Sponsors (Pty) Ltd
Date: 10/05/2012 17:30:02 Produced by the JSE SENS Department.
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