Uncategorized 24.10.2013 11:15 am

Transnet profits increased in six months

Image courtesy stock.xchnge

Image courtesy stock.xchnge

Transnet revenue and profit increased in the first half of the year, in the six months that ended in September, CEO Brian Molefe announced on Thursday.

“Revenue increased by 14.3 percent to R28.5 billion. We have experienced strong growth,” he told a media briefing in Sandton.

“Profit for the period, net income after tax, increased by 71.2 percent to R2.9 bn.”

Migration from road to railway was bearing fruit, said Molefe.

He said the growth in income for the period was driven by a 26 percent jump in containers and automotive on rail and by buoyant mineral and chrome volumes, which increased by 12 percent, he said.

Molefe was briefing the media on Transnet’s interim results.

He said that R11.2bn was invested in rejuvenating and expanding on infrastructure in the last six months.

Cash generated from operations after working capital changes are deducted increased by 15.2 percent to R11.3bn while capital investment for the period was R11.2bn, he said.

Molefe said Transnet was seeing the benefits of extra maintenance work on operations because it had increased efficiency.

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