Grindrod Shipping’s loss narrows
Covid-19 had hit its costs, including reduced cargo flows for some customers, though administrative expenses decreased
Grindrod Shipping, which is based in Singapore and listed in the US and Johannesburg, has reported its loss narrowed in its half-year to end-June, when marketing activity and staff travel decreased.
The group, which operates a fleet of dry bulk carriers and tankers, said calculating the effects of Covid-19 would require a number of assumptions, but the pandemic did delay crew changes, and reduce cargo flows from some customers.
The group reported a loss of $12.3m (R207m), a decrease from $19m previously, though revenue was little changed at $167.1m.
Administrative expenses decreased by $1.1m, or about 8.3%, primarily due to decreased staff and travel costs during its first half, the group said. Impairment losses on ships also decreased, to $3.66m from $4.3m previously.
In morning trade on Friday Grindrod Shipping’s share was up 4.81% to R66, giving the group a market capitalisation of R1.25bn.
The group’s share has fallen 31.96% so far in 2020.
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