Cargo Handlers updates results

Cargo Handlers updated their results for the full year to September following IC Insider’s posting of a report that the company reported results with errors relating to the number of shares used to compute earnings per share.
Cargo Handlers posted their full year profit of $154 million after tax, up from $136 million in 2015 and $30 million for the fourth quarter versus $29 million in 2015. The company originally reported earnings per share as 40 cents for the quarter and $3.30 for the 12 months, based on what they showed as a weighted average number of shares held during the period.
The company split its stock into 10 units for each one held, subsequent to the year-end and would not result in computing the average number of shares in issue. With a stock split or stock bonus the earnings per share is to be computed on the full amount of shares issued at the time of the financial report and the historical earnings per share would be revised based on the new issued shares in issued.
The updated report now shows earnings of 79 cents per share for the last quarter and $4.11 for the full year. The company’s stock last closed at $11.80 on the junior market of the Jamaica Stock Exchange.