State-owned freight and logistics company Transnet posted a rebound in aftertax profit to R2.8bn for the year to end-March. This follows the prior year’s collapse to R393m from R5.3bn in 2015. Revenue grew 5.3% to R65.5bn, driven by growth in volumes in general freight, Transnet reported on Monday. The rebound in profit was achieved by paring back discretionary spending, with the company expecting the subdued economic environment to remain this year, Transnet CE Siyabonga Gama said. Speaking at the results presentation, Gama said the company had managed to grow its market share. Volumes in general freight increased 4.9%, coal was up 2.4%, while automotives grew 24.3%. Iron ore volumes fell 1.5% and manganese volumes rose 17.5%. Cash generated by operations after working capital changes rose 16.4% to R32.8bn, reflecting the security of the company’s ability to service debt, said Gama. "Despite the market conditions we had some very good uptake…. We have improved on time arrivals by 1...
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