Grindrod profit tumbles

AFRICA'S biggest shipping company Grindrod, forecast a further slide in earnings in the second half as recession hit cargo volumes and rates after first-half profit tumbled by more than 50percent.

AFRICA'S biggest shipping company Grindrod, forecast a further slide in earnings in the second half as recession hit cargo volumes and rates after first-half profit tumbled by more than 50percent.

Grindrod, which derives 80percent of its profit from shipping resources, said yesterday headline earnings per share for the six months to end-June fell 56percent to 105,7 cents, in line with its predicted 50-60percent fall. - Reuters

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