Transnet reports 1.6% rise in annual revenue

Logistics firm Transnet on Monday reported a 1.6% rise in annual revenue to R74.1 billion for the year to March 31 but added its auditors had flagged issues relating to irregular expenditure.

Transnet, which has been investigating allegations of corruption in the procurement of diesel and electric locomotives, said its audit report had received a “qualified opinion” relating to the completeness and accuracy of the reported irregular expenditure that was incurred in contravention of procurement legislation.

A qualified opinion on a company’s finances means the auditor has found minor problems with the books but is still broadly vouching for them.

Read the Sens announcement here.