Transnet reports R1.6bn half-year loss

Transnet on Friday reported a R1.6bn ($86.8 million) loss in the six months to September 30 on the back of declining rail, port and pipeline volumes amid higher costs.

Transnet registered a R159 million profit during the same period last year.

Although its revenue rose 8.6% to R39.2 billion in the six months thanks to tariff increases for its services, costs rose 9.5% to R25.3 billion  due to higher payroll, electricity and security expenses.