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grindrod Stock soars on positive earnings news

February 4 2013 at 08:00am
By Roy Cokayne

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Grindrod’s headline earnings a share for the year to December 2012 were expected to be between 15 percent and 25 percent higher than the 99.6c a share in the previous year, the listed shipping and logistics group reported on Friday. Earnings a share for the same period were expected to be between 25 percent and 35 percent higher than the R1.11 a share in the previous year. The group has executed a number of transactions and made substantial progress on projects aimed at realising its strategy of becoming an integrated freight and logistics service provider while retaining its position in shipping. Included among these deals was the sale by Grindrod in January last year of a 35 percent interest in the company that owns the Maputo coal terminal concession to Vitol, one of the world’s largest energy trading businesses, for $67.7 million (R598m). Grindrod has commissioned a feasibility study to expand the Maputo coal terminal’s capacity by 20 million tons a year at a cost of between $600m and $800m. Grindrod stock soared 8.2 percent to R17.95 on Friday. – Roy Cokayne


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