CAR reports 2% decline in year end net profits

Date: May 31, 2019

Carreras Limited reported operating revenue of $12.91 billion, 3% more than the $12.55 billion booked in 2018. Revenue for the quarter increase slightly to $3.04 billion (2018: $3.02 billion).

Cost of operating revenue increased year over year by 4%, amounting to $6.47 billion from $6.25 billion recorded in the year prior. As such, gross operating profit went up 2% to total $6.44 billion (2018: $6.30 billion). For the quarter, gross profit closed at $1.53 billion versus $1.51 billion reported in the prior comparable quarter.

Other operating income fell by 33% moving from $223.72 million in 2018 to $149.90 million in 2019. For the quarter, other operating income closed at $101.59 million (2018: $167.11 million).

Administrative, distribution and marketing expenses increased by 9% to total $2.01 billion (2018: $1.85 billion).

Profit before income tax was recorded at $4.52 billion compared to $4.64 billion in the prior year. While, for the quarter, profit before income tax amounted to $1.11 billion (2018: $1.28 billion).

Net profit for the year end fell by 2% to $3.41 billion (2018: $3.48 billion), after incurring taxes of $1.11 billion (2018: $1.15 billion). For the quarter, net profit closed a $853.34 million compared to $969.74 million reported in the same period last year.

Earnings per share for the period was $0.70 (2018: $0.72), while for the quarter, EPS amounted to $0.18 (2018: $0.20). The number of shares used in the computations amounted to 4,854,400,000 units. CAR closed the trading period on May 31, 2019 at $8.99.

Balance Sheets Highlights:

Total assets amounted to $3.49 billion as at March 2019, down from $3.98 billion reported in 2018. This was mainly due to a decline in ‘Inventory’ and ‘Cash and cash equivalents’ which closed at $361.46 million (2018: $233.18 million) and $1.79 billion (2018: $2.31 billion), respectively.

Shareholders’ Equity attributable to stockholders of parent amounted $1.34 billion (2018: $2.04 billion) with book value per share of $0.28 (2018: $0.42).

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