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Grindrod H1 HEPS seen lower

30 Jul 2015

Shipping giant Grindrod said on Wednesday it expected its headline earnings per share for six months to June 2015 to slide by between 14% and 18% to 52.0 cents, in a similar period in 2014.

Over the same period, Grindrod expects a decrease in earnings per share of between 62% and 66% from 112.5 cents.

Earnings include a stronger performance from the logistics businesses, which partially offset the impact of the weak commodity markets on the terminals and rail businesses, Grindrod said.

"The decline in earnings per share is attributed to the profit that was recognised in the prior period as a consequence of the acquisition of the minority interests in the BEE (black economic empowerment) joint ventures," the company said.

Grindrod will release its interim results on August 21.

Source: INET BFA

Source: I-Net Bridge

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