Transnet expects a better performance despite billions lost to vandalism
Company says it has raised funding of R12.9bn and is progressing with refinancing initiatives
15 May 2022 - 18:49
Boosted by improvements in petroleum and container volumes, Transnet reported its operational performance for the year to end-March has been positive compared with the previous year. This is despite its having lost a quarter of its locomotives since 2018 in its rail arm, constraining the mining sector in the height of a commodities boom.
In a trading update the rail, port and pipeline company said it generated cash from operations after working capital changes of R29.8bn. Gearing and cash interest cover levels are expected to be within debt covenant requirements...
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