GND GNDP
GND
GND\GNDP - Grindrod Limited - Trading Statement
GRINDROD LIMITED
(Registration number: 1966/0009846/06)
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE000071106
("Grindrod" or "the Company")
TRADING STATEMENT
Shareholders are advised that Grindrod expects that earnings and earnings per
share for the half year to 30 June 2012 will be affected by the following
material events:
* The profit of R415 million on the disposal of 35% of Grindrod`s investment
in the Maputo Coal Terminal
* The specific issue of 133 million ordinary shares on 31 October 2011 which
increased issued shares by 28% resulting in a dilutionary effect on
earnings and headline earnings per share in the current period.
* The impairment of ship values by R131 million due to the continued weakness
in shipping markets.
As a consequence, basic earnings will reflect an increase of between 100% to
110% and basic earnings per share are expected to increase by between 55% and
65% for the six month period ending 30 June 2012.
Headline earnings will reflect an increase of between 10% and 15% and headline
earnings per share are expected to decrease by between 10% and 20% for the six
month period ending 30 June 2012,
Basic earnings and headline earnings for the corresponding period in 2011 were
R277 million (60.8 cents per share) and R254 million (55.7 cents per share)
respectively.
The information contained in this trading statement has not been reviewed or
reported on by the company`s external auditors. Grindrod will release its
interim results to 30 June 2012 on or about 22 August 2012.
By order of the board
30 May 2012
Sponsor: Grindrod Bank Limited
Date: 30/05/2012 12:28:00 Produced by the JSE SENS Department.
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