Transnet Earnings Gain on Higher Iron-Ore, Container Volumes

 Transnet SOC Ltd., South Africa’s state-owned ports and rail operator, said first-half earnings rose 9 percent as higher iron ore and container volumes offset weaker coal movements.

Earnings before interest, taxes, depreciation and amortization was 13.9 billion rand ($1 billion) in the six months through September, the Johannesburg-based company said in a presentation in the city on Thursday. Revenue gained 6.4 percent to 32.2 billion rand.
 
Transnet is planning to spend between 340 billion rand and 380 billion rand over the next ten years to expand and upgrade rail and port capacity, Acting Chief Executive Officer Siyabonga Gama said. The company may move more slowly than previously expected on some projects because of the decline in commodity markets, he said.
South Africa is the world’s biggest manganese producer and the continent’s largest source of iron ore and coal. Iron-ore export volumes increased 7.5 percent, while container and automotive movements were also higher. Total rail volumes declined 1.8 percent, weighed by a 5 percent fall in coal.
 
Gama, the head of Transnet’s freight rail unit, was named acting CEO of the company in April, after Brian Molefe was seconded to head Eskom Holdings SOC Ltd., South Africa’s state power company. Molefe’s role at Eskom was made permanent in September.
 
Source : http://www.bloomberg.com/

Posted on : 25 Nov,2024 | News Source : ABNews

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