Cargo Carriers: Headline earnings set to double

Cargo Carriers expected its headline earnings a share for the year to February to be between 95 percent and 105 percent higher than the R1.088 reported in the previous year, the listed logistics and transport group said on Friday. Earnings a share for the same period were expected to be between 75 percent and 85 percent higher than the R1.363 previously. Cargo Carriers said the improved earnings reflected the benefit of organic and acquisitive growth, coupled with the disposal of underperforming contracts. The reduction in the effective group tax rate to 9.2 percent due to the adjustment to the most favourable base cost for capital gains tax purposes of investment properties also contributed to the increased earnings. The firm expected to publish annual results on May 21. The shares closed unchanged at R22.50 on Friday. – Roy Cokayne