Latest News

South Africa's Transnet half-year loss broadens to $117 mln

South African stateowned logistics group Transnet on Tuesday reported a broader loss of 2.2 billion rand ($ 117.48 million) in the 6 months to Sept. 30 on higher expenses and functional difficulties.

Transnet made a loss of 1.6 billion rand during the same period last year.

The debt-saddled business has actually struggled to provide appropriate freight rail and port services for years due to devices lacks and maintenance stockpiles.

Chronic underperformance has actually suppressed exports of key products such as coal and iron ore, crimping economic growth in Africa's many industrialised nation.

The logistics firm said its income rose 6% to 41.5 billion rand in the 6 months thanks to tariff increases in its rail, port and pipeline businesses.

Nevertheless, higher payroll, security and maintenance costs drove costs up 10.2% to 27.9 billion rand.

(source: Reuters)