Grindrod profit to slump

Johannesburg - Grindrod [JSE:GND] said on Thursday that it expects its earnings per share and headline earnings per share for the financial year ended December 2009 to decrease by between 55% and 65% compared to the previous year.

EPS and HEPS for the year to end December 2008 were 475.7 cents and 511.7 cents respectively.

The company said this is as a result of considerably lower shipping markets, reduced profits on disposal of ships and the impact on earnings of a stronger rand/dollar exchange rate, it said.

Grindrod will release its results for the year ended December 2009 on or about February 18.

- I-Net Bridge