Terry Hutson IN SPITE of the rand strengthening by more than 35% in just over a year, Durban-based ship operator and logistics group Grindrod has continued its voyage into clear sunny waters with a 24% rise in headline earnings per share for the half year ending June 2003. The group’s revenue was marginally down to R1 bn (from R1.1bn in 2002), which is put down to the rand’s strength against the dollar and the de-consolidation of some previously consolidated operations. MD Ivan Clark says all negative effects were completely offset by improved trading and strong shipping markets. The group’s shipping services were able to take advantage of the forecast upturn in shipping markets, and the company has intentionally expanded its land freight logistic arm to rid itself of any cyclical impact.
