CRG - Cargo Carriers Limited - Trading Statement

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 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.