PHOTO
A Transnet Freight Rail train is seen next to tons of coal mined from the nearby Khanye Colliery mine, at the Bronkhorstspruit station, in Bronkhorstspruit, around 90 kilometres north-east of Johannesburg, South Africa, April 26, 2022.Picture taken April 26,2022. REUTERS/Siphiwe Sibeko Image used for illustrative purpose.
South Africa's state-owned logistics firm Transnet on Friday reported a 1.6 billion rand ($86.8 million) loss in the six months to Sept. 30 on the back of declining rail, port and pipeline volumes amid higher costs.
Transnet registered a 159 million rand profit during the same period last year.
Although its revenue rose 8.6% to 39.2 billion rand in the six months thanks to tariff increases for its services, costs rose 9.5% to 25.3 billion rand due to higher payroll, electricity and security expenses.
($1 = 18.4244 rand) (Reporting by Nelson Banya; Editing by Jan Harvey)