CHL reports 20% increase in year end net profit

Date: November 14, 2018 

Cargo Handlers Limited (CHL) for the year ended September 30, 2018 reported revenues of $355.74 million, 11% higher than the $320.83 million booked in 2017.  Revenues for the quarter amounted to $75.63 million, 16% higher than the $65.39 million reported for the same quarter in 2017.

The Company booked a gain on exchange of $24.10 million relative to nil booked for the year ended in 2017.

Total expenses for the year amounted to $192.36 million compared to $162.83 million reported for 2017. Of this, administrative expenses increased 16% to close at $21.85 million (2017: $18.88 million), while other operating expenses increased by 15%, to close at $165.62 million for the period relative to $143.95 million in 2017.

As such, operating profit increased year over year by 19% from $162.12 million in 2017 to $192.36 million. Finance costs rose 32% to close at $1.75million (2017: $1.33 million), while interest income fell 49% to $1.25 million on from $2.47 million in 2017.

Consequently, profit before taxation increased 18% to close the year at $191.86 million (2017: $163.26 million). Following taxes of $25.33 million (2017: $22.40 million) which accrued during the year, net profit amounted to $166.53 million relative to $140.85 million in 2017. Net profit for the quarter also advanced by 53% to $38.75 million relative to $25.27 million booked for prior quarter last year.

Consequently, earnings per share (EPS) for the 2018 financial year amounted to $0.40 (2017: $0.34), while EPS for the quarter amounted to $0.09 (2017: 0.06). The numbers of shares used in the calculations are 416,250,000 units. CHL closed the trading period on November 13, 2018 at a price of $13.00

Balance Sheet at a glance:-

Assets totalled $513.37 million as at September 30, 2018 relative to $406.32 million a year prior. The increase in total assets was largely due to the growth in ‘Cash’ by $99.28 million to total $351.76 million (2016: $252.48 million). ‘Property, Plant & Equipment’ and ‘Receivables’ contributed to the overall increase in CHL’s asset base with growths of 24% and 14% respectively. ‘Property, Plant & Equipment’ and ‘Receivables’ both closed the 2018 financial year at $77.53 million (2017: $62.71 million) and $76.14 million (2017: $66.98 million) respectively.

Equity attributable to stockholders of parent amounted to $424.80 million (2017: $350.06 million) with book value per share amounting to $1.02 (2016: $0.84).

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2018-11-14T20:01:01+00:00