HONG KONG, May 18 (GCTL) - Cargo Carriers , a provider of logistics, transport, aviation charter and information technology solutions in sub-Saharan Africa, on May 15 reported an 8,7% growth in revenue to R594m for the year ended February, despite the poor economic climate.
It said a 22% increase in pretax profit to R33m was due to new contract awards both last year and this year, coupled with the discontinuation of certain non-profitable contracts, and operating, administration and employment costs increased modestly in line with its growth and cost containment initiatives.
But it said the 24,6% fall in earnings per share was "very disappointing", and mainly due to the increased capital gains tax rate adjustment, and the net deferred tax asset adjustment in the period. The net effect of these changes was an additional tax charge of R9m.
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