The bulker and tanker owner booked net profit of ZAR 331.2m ($25.6m) for the first six months of the year, compared to ZAR 736.4m in the same period of 2014.
It came on reduced revenue of ZAR 5.1bn, down from ZAR 8.2bn.
Grindrod explained that although lower oil prices resulted in good earnings for its recently increased fleet of chemical tankers, dry rates remained well below the cost base.
Its
