Grindrod attributes improved financial performance to the successful execution of the unbundling and separate listing of the shipping business on Nasdaq. Photo: Reuters

PRETORIA - Grindrod, the listed freight and financial services group that earlier this year unbundled and separately listed its shipping business, expects its earnings to improve by more than 100 percent in the six months to June. 

The group on Thursday attributed this improved financial performance to the successful execution of the unbundling and separate listing of the shipping business on Nasdaq, with a secondary inward listing on the JSE, that cleared the path for renewed strategy focus on its remaining freight and financial services businesses. 

It expects headline earnings a share to be between 5.2 cents and 2.5c a share, which would be an improvement of more than 100 percent on the 17.2c headline loss a share in the previous corresponding period. 

Total headline earnings was expected to be between R39m and R19m compared to the headline loss of R129m in the prior period.

Grindrod shares gained 3.4 percent on the JSE yesterday to close at R8.21.

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- BUSINESS REPORT