Headline earnings per share (HEPS)‚ which strip out one-time‚ non-recurring items‚ rose in line with the recent forecast‚ by 29% from 58,9c last year to 76.2c this year.
"Earnings per share (EPS) fell 12% compared with the previous period‚ from 103,2c to 90.2c after a R414.9m profit from the sale from of a 35% stake in the Maputo coal was not repeated‚" the company said.
"Freight services increased its earnings by 75% to R299.9m while the group's financial services unit more than doubled its earnings to R47.8m‚ up 120%‚" Grindrod said.
"Within the freight services division‚ ports‚ terminals and rail reported exceptional growth in profits and expanded operational capacity‚" the group said in a statement to JSE, adding that the logistics businesses were well ahead of the prior year and continue to reposition the automotive and petrochemical transport businesses.
The group reported operating profit of R317m‚ down from R349.9m a year earlier‚ on revenue of R6.9bn‚ that was sharply down from R18.8bn for the corresponding period.
"Shipping reported a profit‚ with improved earnings from tankers and the Unical tanker operating business. The dry bulk market remains poor‚" it said.
"Attributable earnings were lower at R533.2m down from R608.4m‚" Grindrod said.
The trading division‚ which trades industrial and agricultural commodities as well as marine fuel‚ struggled in the period‚ with earnings before interest‚ tax‚ depreciation and amortisation dropping by 83% R32.9m.
Total capital expenditure for the six months was R1bn. "Subsidiary capital expenditure and investment amounted to R671.4m‚ more than double the R322m invested a year ago. Of this capital investment‚ 80% was expansionary and the balance for maintenance or replacement of capital goods," Grindrod said.
It said that future capital will be used to expand terminal capacity‚ railway infrastructure and its fleets of locomotives and ships.
"The commitments exclude the planned expansion of the terminal capacity in Maputo and Richards Bay as well as the development of a bulk liquid storage facility at Coega‚ each of which is subject to final board consideration‚" the group said.
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