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.