Cargo Handlers Profit Dips

• Cargo Handlers experienced a moderate decline in their profits for the second quarter of the financial year which ended March 31, 2019. Unaudited net profit for the year dipped 13.8% to $74.1Mn (EPS: $0.20) relative to the $85.9Mn (EPS: $0.23)  corresponding period of 2018. 
• This performance comes on the back of a surge in administrative expenses (+29.3%) and finance costs (+20.5%) as well as an increase in operating expenses (+15%).
• The company also recorded a $15.2Mn foreign exchange loss for the period which also adversely affected the bottom line.
• The stock has fallen 27% since the start of the calendar year. Cargo Handlers closed yesterday’ s trading at $10.95, and currently trades at a P/E of 26.71x earnings which is above the Junior Market average of 21.00x.

 (Source: Cargo Handlers Financials)