Transnet returns to profit

Revenue in the year to March 31 was up 1.8% at R68.5 billion, compared to R67.3 billion last year.
Image: Moneyweb

Transnet on Wednesday reported a full-year profit of R5 billion ($296.8 million), recovering from a loss of R8.7 billion in the previous year, thanks to higher port and pipeline volumes.

The improvement came despite capacity problems at its flagship rail unit.

Revenue in the year to March 31 was up 1.8% at R68.5 billion, compared to R67.3 billion last year.

Transnet CFO Nonkululeko Dlamini said improvements in petroleum and container volumes as South Africa’s economy recovered from Covid-19 lockdowns had helped offset lower freight rail performance.

Large-scale theft of copper cables, insufficient maintenance, and a lack of locomotive spares have crippled Transnet’s freight rail network, used by miners to haul coal and iron ore to port.

In April, Transnet declared force majeure on coal transport contracts

COMMENTS   1

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

Just in time for the next looting spree !!

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Subscribe to our mailing list

* indicates required
Moneyweb newsletters

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: