Transnet swings into R8.4bn loss
The state-owned entity, which has been hit by the lockdowns and operational issues, recorded its first loss in recent memory
29 October 2021 - 19:16
Transnet recorded its first annual loss in more than a decade as revenues plummeted due the impact of the Covid-19 pandemic as well as operational issues, the state-owned logistics company said on Friday.
The “trying financial year” resulted in an R8.4bn loss down from a R2.9bn profit in the previous year, marking the first loss the company has recorded in recent memory, and certainly the first in at least the past 10 years. Revenue was down 10.5% from R75bn to R67bn...
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