Grindrod to retrench logistics staff
Business Live - Jun 25th 2012, 07:58
Grindrod, the logistics and shipping services company, has issued retrenchment notices to staff in its logistics business due to the underperformance of its trucking division.
Hylton Gray, CEO freight logistics services, said the trucking unit had lost money for three years so the group decided to rationalise it.
The group is uncertain how many of the unit's 50 or so people will be retrenched and the action is still in the proposal phase to staff.
One analyst, who wished not to be named, said while it was bad news for people about to lose their jobs it was a positive move for the group to clean up under-performing units.
In the previous year, Grindrod sold its furniture business. Earlier this year, it decided to offload its 50% stake in Cockett Marine Oil to Vitol, the world's largest independent energy-trading business.
On Monday, it finalised a transaction to buy a 75.5% interest in Botswana-based fuel-logistics company Petrologistics Botswana.
The group expects its interim earnings to rise 100%-110% and basic earnings a share to grow 55%-65%.
Grindrod said a number of material events contributed, including the profit of R415-million for the disposal of 35% of its investment in the Maputo Coal Terminal, Mozambique.
The impairment of ship values by R131-million, owing to the continued weakness in shipping markets, also affected earnings.
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