CAR reports 5% increase in year end net profit

June 01, 2020

Carreras Limited, for the year ended March 31, 2020, reported operating revenue of $14.13 billion, 9% more than the $12.91 billion booked in 2019. Revenue for the quarter increased 26% to $3.84 billion (2019: $3.04 billion).

Cost of operating revenue, for the year ended March 31, 2020, increased year over year by 10%, amounting to $7.13 billion from $6.47 billion recorded in the year prior. As such, gross operating profit for the year ended March 31, 2020 went up 9% to total $6.99 billion (2019: $6.44 billion). For the quarter, gross profit closed at $1.91 billion versus $1.53 billion reported in the prior comparable quarter.

Other operating income for the year ended March 31, 2020 rose by 35% moving from $149.90 million in 2019 to $201.74 million in 2020. For the quarter, other operating income closed at $173.38 million (2019: $101.59 million).

Administrative, distribution and marketing expenses increased by 18% to total $2.37 billion (2019: $2.01 billion) for the year ended March 31, 2020. Impairment loss on trade receivables and employee benefits expense totalled $1.77 million (2019: $5.77 million) and $44.70 million (2019: $50.90 million), respectively. Lease interest expense amounted to $16.79 million (2019: nil).

Profit before income tax was recorded at $4.76 billion compared to $4.52 billion in the prior year. While, for the quarter, profit before income tax amounted to $1.48 billion (2019: $1.11 billion).

Net profit for the year end increased by 5% to $3.58 billion (2019: $3.41 billion), after incurring taxes of $1.18 billion (2019: $1.11 billion). For the quarter, net profit closed a $1.13 billion compared to $853.34 million reported in the same period last year.

Profit attributable to shareholders amounted $3.58 billion for the year ended March 31, 2020 (2019: $3.41 billion). Total comprehensive income for the year ended March 31, 2020 amounted to $3.54 billion (2019: $3.45 billion).

Earnings per share for the year ended March 31, 2020 was $0.74 (2019: $0.70), while for the quarter, EPS amounted to $0.23 (2019: $0. 18). The number of shares used in the computations amounted to 4,854,400,000 units. CAR closed the trading period on May 29, 2020 at $6.62.

Balance Sheets Highlights:

Total assets amounted to $4.23 billion as at March 31, 2020, up from $3.49 billion reported in 2019. This was mainly due to an increase in ‘Inventories’, ‘Accounts receivable’, and ‘Cash and cash equivalents’ which closed at $464.46 million (2019: $361.46 million), $995.31 million (2019: $779.07 million) and $2.02 billion (2019: $1.79 billion), respectively.

Shareholders’ equity attributable to stockholders of parent amounted $1.77 billion (2019: $1.34 billion) with book value per share of $0.37 (2019: $0.28).

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