Separation from its shipping business helped Grindrod return to an interim profit of R2.4bn from the R1.1bn loss the combined group reported for the first half of its 2017 financial year. Grindrod reported its revenue from continuing operations — excluding now separately listed Grindrod Shipping — grew 4.6% to R1.5bn. This was about a quarter of the revenue the combined group. On Thursday, Nasdaq- and JSE-listed Grindrod Shipping reported its revenue declined 22% to $151m for the six months to end-June from $194m in the first half of its 2017 financial year. Grindrod Shipping reported its interim loss nearly doubled to $13.5m from $7m. The remaining group, which reported on Friday, now segments itself into four divisions: port and terminals; logistics; financial services; and marine fuel and agricultural logistics. Its headline earnings rose 23% to R285m in the six months to end-June, compared with the matching period a year ago. Profit attributable to ordinary shareholders in the p...
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