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 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 Supplied by www.sharenet.co.za                     
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