Interims out for Grindrod

[#1]

No real surprises there - the drop in earnings was widely anticipated given the stronger rand and weak shipping markets. Good news is that they are still keeping their shipping margins in tact - so even in extreme market situations (strong rand, weak shipping) they are still turning net profit. I personally am a bit dissapointed in their trading division, which i was hoping would start to make better contributions to total revenue, instead this has dropped from the previous year as well. Financial & freight services are going from strength to strength for GND and are starting to make increased contributions to attributable earnings - which is nice to see. GND is still a long way from being diversified, but it is moving closer and closer!

[suki]

so is MTN