South Africa's Transnet half-year loss widens to $117 mln
South African state-owned logistics group Transnet on Tuesday reported a wider loss of 2.2 billion rand ($117.48 million) in the six months to 30 September on higher costs and operational challenges.
Transnet made a loss of 1.6 billion rand during the same period last year.
The debt-saddled company has struggled to provide adequate freight rail and port services for years due to equipment shortages and maintenance backlogs.
Chronic under-performance has stifled exports of key commodities such as coal and iron ore, crimping economic growth in Africa's most industrialised nation.
The logistics firm said its revenue rose 6% to 41.5 billion rand in the six months thanks to tariff increases in its rail, port and pipeline businesses.
However, higher payroll, security and maintenance expenses drove costs up 10.2% to 27.9 billion rand.
Transnet made a loss of 1.6 billion rand during the same period last year.
The debt-saddled company has struggled to provide adequate freight rail and port services for years due to equipment shortages and maintenance backlogs.
Chronic under-performance has stifled exports of key commodities such as coal and iron ore, crimping economic growth in Africa's most industrialised nation.
The logistics firm said its revenue rose 6% to 41.5 billion rand in the six months thanks to tariff increases in its rail, port and pipeline businesses.
However, higher payroll, security and maintenance expenses drove costs up 10.2% to 27.9 billion rand.
