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Grindrod profit takes 40% hit

Johannesburg - Freight and shipping logistics company Grindrod [JSE:GND] reported a 40% decrease in profit for its financial year ending December 31 2011, it said on Wednesday.

Headline earnings per share - a measure of profit with certain once-off items excluded - decreased by 41% to 99.6 cents per share, compared to 2010's 167.7c per share, Grindrod said.

"Earnings growth on the prior year was achieved in the freight services, trading and financial services divisions, whilst the shipping division was impacted by weak shipping markets," the company said in a statement.

During the year, Grindrod raised R2bn in equity, needed to develop infrastructural projects, in particular the expansion of coal terminal capacity.

"Whilst the R2bn raised strengthened the group's statement of financial position, this has resulted in a dilution of earnings and the final dividend."

The group is focused on ports, terminals and rail infrastructure projects in Africa.

This was part of its strategy to become an integrated freight and logistics service provider, while retaining its position in shipping.

Grindrod declared a final dividend of 29.5c a share for the year.

 
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