Grindrod anticipates decline in earnings
Business Live - Jun 5th 2012, 08:30
Shipping and freight services group Grindrod said on Wednesday that it expected its headline earnings per share to decline between 10% and 20% in the six months ended June 2012 compared with the same period a year earlier.
The earnings take into account the R415m profit on the disposal of 35% of Grindrod's investment in the Maputo Coal Terminal.
The results also include the specific issue of 133 million ordinary shares in October last year, which resulted in a dilutionary effect on earnings and headline earnings per share in the current period.
The company said the impairment of ship values by R131m due to the continued weakness in shipping markets would also be taken into consideration.
The interim results are expected on August 22.
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