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Johannesburg - Africa's biggest shipping company Grindrod [JSE:GND] posted a 12% fall in full-year profit on Thursday as the stronger rand ate into its overseas earnings while increased competition depressed freight rates.
Grindrod, whose ships haul raw materials such as iron ore, cement and fertilizer, said headline earnings per share totalled 168 cents in the year to end-December from 190 cents a year earlier.
Headline EPS strips out certain one-time items.
Grindrod, which is diversifying away from shipping to freight and logistics, has suffered in recent years as the global economic downturn eroded appetite for raw materials and put pressure on freight rates.
The Durban-based company, whose revenue rose 9 percent to R30.2bn, said it expected its freight and logistics unit to benefit from higher demand for commodities, while its shipping unit would be hit by an oversupply of ships.
Shares in Grindrod have fallen around 17% so far this year, lagging behind a slightly higher JSE all-share index for the period.
Grindrod, whose ships haul raw materials such as iron ore, cement and fertilizer, said headline earnings per share totalled 168 cents in the year to end-December from 190 cents a year earlier.
Headline EPS strips out certain one-time items.
Grindrod, which is diversifying away from shipping to freight and logistics, has suffered in recent years as the global economic downturn eroded appetite for raw materials and put pressure on freight rates.
The Durban-based company, whose revenue rose 9 percent to R30.2bn, said it expected its freight and logistics unit to benefit from higher demand for commodities, while its shipping unit would be hit by an oversupply of ships.
Shares in Grindrod have fallen around 17% so far this year, lagging behind a slightly higher JSE all-share index for the period.
