Grindrod: Headline earnings set to fall by a third

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Grindrod expected its headline earnings a share for the six months to June to be between 30 percent and 35 percent lower than the 76.2c a share in the previous year, the listed integrated logistics service supplier said on Friday. Earnings a share were expected to be between 25 percent and 30 percent higher than the 90.2c posted a year earlier. Grindrod said the decrease in headline earnings was caused by the continued depressed shipping markets, the impact of the industrial action in South Africa and the closure of its commodity trading business. It attributed the increase in earnings a share to fair value that was required to be raised as a consequence of the acquisition of the shares in black empowerment joint ventures. Grindrod expects to release its interim financial results to June on August 21. The shares fell 4.25 percent to R25.03 on Friday. – Roy Cokayne

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