Transnet’s record R8.4bn loss for Covid-hit financial year

Covid-19 has dealt a massive financial blow to state-owned ports and rail logistics group Transnet, which reported a record net loss of R8.4 billion on Friday for its financial year to the end of March 2021.

This is compared to a R7.9 billion profit in its prior financial year (FY2020).

After a long delay, the group finally released its latest financial results late on Friday.

The group saw revenue decline 10.5%, while its EBIDAR plunged over 42%.

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