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Cargo posts drop in earnings
Transport and logistics group Cargo Carriers (CRG) on Wednesday reported a drop in earnings per share (EPS) of 88.8 cents from 206.3 cents previously in its full year results ended 28 February 2009.
Headline earnings per share (HEPS) dropped to 55 cents from 69.7 cents previously. Profit from operating activities was R38.2 million from R65.7 million previously.
The group said a final dividend of nine cents per share had been declared to shareholders for 19 June, the same amount as the previous year.
Cargo Carriers, however, reported a 14% increase in revenue to R483 million for the period, from R424 million previously.
Looking ahead, the group said business conditions in the coming year were expected to be extremely challenging, with volumes in the industrial sector showing a decrease of between 15 and 40%.
"This is balanced by the positive outlook in the agricultural sector.
The company's strategic positioning and strong balance sheet will ensure that the company will weather the current business conditions and be in a position to take advantage of growth opportunities that arise," it said.
Published courtesy of
