Carreras Limited (CAR) Reports a 26% increase in Net Profit attributable to Shareholders

Carreras Limited (CAR) Reports a 26% increase in Net Profit attributable to Shareholders for the Financial Year Ended March 31, 2017.


Carreras Limited (CAR) For the Financial Year ended March 31, 2017 reported Operating Revenue of $13.51 billion, a 13% increase compared to $11.98 billion recognized in 2016. Cost of Operating Revenue also increased year over year by 12%, amounting to $6.97 billion from $6.24 billion.  Notwithstanding the increase in costs, Gross Operating Profit increased by 14% to total $6.54 billion. Gross profit for the fourth quarter amounted to $1.32 billion compared to $1.49 billion for the comparable period in 2016.


Other Operating Income increased 38% to $342.92 million (2016: $247.64 million).


Total Operating Expenses declined by 10% to total $1.87 billion relative to $2.08 billion in 2016. Of this, Administrative, Distribution and Marketing Expenses totaled $1.84 billion, down 11% relative to $2.07 billion in the corresponding period for 2016. Employee Benefit Income for the year surged 255% to close at $32.30 million (2016: $9.10 million).


As such, Profit before Income Tax was recorded at $5.01 billion relative to $3.90 billion in 2016, an increase of 28%. Following taxation of $1.20 billion for the year (2016: $892.23 million), Net Profit Attributable to Shareholders amounted to $3.81 billion up 26% from the $3.01 billion booked for the corresponding period last year. For the quarter Net Profit Attributable to Shareholders totaled $1.01 billion (2016; $736.30 million).


The Earnings per share (EPS) for the period was $7.84 as compared to $6.20 for the corresponding period of last year. EPS for the quarter totaled $2.09 relative to $1.52 for the comparable period of 2016. The number of shares used in this calculation was 485,440,000 units.


Balance Sheet at a glance:


Total Assets totaled $4.18 billion as at March 31, 2017, up year over year by 12.51% from $3.71 billion a year ago. The increase in total assets was driven mainly by 114% increase in Inventories moving from $220.88 million in 2016 to $472.72 million in 2017. Account Receivables also contributed to the increase with a 37% growth in Accounts Receivables from $449 million in 2016 to $611.99 billion in 2017


Shareholders’ Equity attributable to stockholders of parent amounted $2.13 billion (2016: $1.78 billion), resulting in a Book Value per share of $4.39 (2016: $3.66).  The number of shares used in the computations is 485,440,000 units.

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