GRIN - Grindrod Shipping stock sinks despite Q1 revenue rising Y/Y

Grindrod Shipping (NASDAQ:GRIN) stock fell ~6% on May 25, a day after the company reported its Q1 results. Revenue grew +61.18% Y/Y to $110.29M. The company said the increase was due to improved market conditions in the drybulk business. Grindrod added that total revenue from handysize and supramax/ultramax, were $36.2M and $72.7M, respectively in Q1. Handysize TCE per day was $22,201, compared to $12,053 per day in Q1 2021. Supramax/ultramax TCE per day was  $24,385, compared to $13,259 per day in Q1 2021. Adjusted net income for continuing operations increased to $29.83M, compared to ~$2.45M in the year ago period. Adjusted EBITDA from continuing operations grew +137.07% Y/Y to ~$50.16M. Gross profit increased to $40.7M, compared to $12.6M in Q 2021. The company said that as of March 31, it had cash and cash equivalents of $103.6M and restricted cash of $9.5M. "Despite the uncertainty in the global economy created by the Russian/Ukraine

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Grindrod Shipping stock sinks despite Q1 revenue rising Y/Y