Grindrod Shipping swings to interim net profit
Shipping services provider Grindrod Shipping posted a net profit of $27.59-million for the six months ended June 30, compared with a loss of $12.31-million in the six months ended June 30, 2020.
Revenues for the six months amounted to $231.25-million, compared with $167.15-million in the first half of 2020, while gross profit improved to $48.15-million, from $8.91-million in the prior comparable period.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation improved to $62.48-million, compared with $29.78-million in the prior comparable period.
In terms of operations, Grindrod Shipping sold the 2009-built small product tanker Breede for $6.8-million, with it being delivered to the buyers during April.
The 2013-built medium range tankers – Leopard Moon and Leopard Sun – were also sold for a total gross price of $42.8-million, with delivery to the buyers also taking place during April.
In May, the UK Upper Tribunal found in Grindrod Shipping’s favour with respect to a previously disclosed tax dispute with Her Majesty’s Revenue and Customs (HMRC). HMRC decided not to appeal the decision which prompted the release of $2.4-million in tax provisions that had been recorded in respect of such dispute in prior periods.
Additionally, in the same month, the company repaid the about $25.8-million remaining outstanding amount on the senior secured credit facility with an affiliate of Bain Capital Credit.
During the second quarter of the year, Grindrod also repurchased 33 467 ordinary shares in the open market on the Nasdaq and the JSE at an average price of $8.46 a share.
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