Transnet's underperformance crippling mining industry.
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GUEST - Peter Major, director of mining at Modern Corporate Solutions
Troubled state-owned rail and ports operator Transnet swung to a full-year loss of R5.7 billion for the year ended 31 March 2023, significantly down from a profit of R5 billion for the previous year.
The group blamed lower rail volumes, which it said were largely affected by torrential rains in KwaZulu-Natal province during the first half of 2022 that led to severe floods. It also blamed operational inefficiencies as well as hefty operating expenses amid an inflationary trading environment.
Troubled state-owned rail and ports operator Transnet swung to a full-year loss of R5.7 billion for the year ended 31 March 2023, significantly down from a profit of R5 billion for the previous year.
The group blamed lower rail volumes, which it said were largely affected by torrential rains in KwaZulu-Natal province during the first half of 2022 that led to severe floods. It also blamed operational inefficiencies as well as hefty operating expenses amid an inflationary trading environment.
