South African shipowner Grindrod has braced investors for a loss of up to $30m in the first half.
In a profit warning issued today Grindrod said it would carry a ZAR 675m ($50m) impairment on its rail activity.
It comes following a strategic decision to sell the locomotive assembly business, investors were told in a trading update.
Grindrod said its first half headline loss would ring in at between ZAR 340m and ZAR 400m, which will reverse a headline profit of ZAR 303m in the same period of 2015.
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