Grindrod contemplates listing shipping business separately
Transport and logistics group Grindrod said on Wednesday it was looking to list its shipping business separately, to unlock its potential value. The decision to proceed with the listing will be known before the end of 2017, the company said. Its other businesses are in freight and financial services. Grindrod reported a headline loss per share for the six months to the end of June of 17.3c, which was an improvement on the 50.8c loss a year ago. Its closure of the rail-assembly businesses resulted in losses and impairments to about R255m. Excluding the rail-assembly businesses, headline earnings came to 16.8c per share. In the shipping business, it reported an attributable loss of R124.05m, from a R418m loss a year ago. In freight services, losses fell from R732.22m to R82m. In financial services, attributable profit was R80.25m from R77.07m. The share price was off 1.16% to R12.78 in afternoon trade on the JSE on Wednesday.
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