Grindrod will shift from cash preservation mode to improving volumes in the second half of its 2020 fiscal after the freight group — one of the biggest in Africa — reported a more than 86% drop in interim earnings as countries imposed travel restrictions.
“While the short-term focus was on the cash flow, the focus of the second half will be on improving volumes,” the company said in a results filing that showed headline earnings slumped 86% to R23.4m. The Durban-based company, which also owns ports, terminals and tankers, said freight volumes at its Maputo port fell 5% to 9.3-million tonnes, but any outlook for improved volumes in the second half would be dependent on a solution to the congestion at the Komatipoort border gate between SA and Mozambique, which is affecting the mineral cargo flows into the port.
Cash generated from operations rose 40% to R507.4m in the group’s six months to end-June. The company sold ailing companies with no prospect of recovery.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Government names every company that scored from Covid-19 tendersPresident Cyril Ramaphosa believes that the publishing of the list of all Covid-19 related expenditure is a demonstration of his government's commitment to transparency.
Sumber: TimesLIVE - 🏆 28. / 59 Baca lebih lajut »