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Johannesburg - Logistics group Cargo Carriers [JSE:CRG] advised Friday that its headline earnings per share for the year ended February 2010 are respectively expected to be between 130-140% higher than the previous year. Its earnings per shares are expected to be between 50-60% higher.
The directors said they are pleased with the results achieved in light of the global economic downturn, which negatively impacted the local economy.
EPS were improved through the careful management of costs and overheads, the disposal and impairment of non-operating assets, and
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 R2.5m, which is recognised in the income statement.
The increase in headline earnings is somewhat 'exaggerated', it said, 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 38c 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 company's results are expected to be released on or about May 19.
- I-Net Bridge
The directors said they are pleased with the results achieved in light of the global economic downturn, which negatively impacted the local economy.
EPS were improved through the careful management of costs and overheads, the disposal and impairment of non-operating assets, and
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 R2.5m, which is recognised in the income statement.
The increase in headline earnings is somewhat 'exaggerated', it said, 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 38c 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 company's results are expected to be released on or about May 19.
- I-Net Bridge
