Interim Transnet results on track

FOR THE first time in two decades, Freight Rail’s general freight business (GFB) – through which a range of products including steel, magnetite, agricultural produce and cement are railed – recorded volume growth. “The 3% volume increase in the first six months of the year demonstrates that the reengineering focus we’ve given this major segment of Freight Rail’s business is paying off,” said Transnet CE Maria Ramos when she announced the company’s interim results last week. Earnings before interest, taxes, depreciation and amortisaion grew 8% to R6.4 billion during the six months ended September 30 2007, confirming that the state-owned freight transport and logistics company has largely completed its turnaround programme and is poised for growth, said Ramos. Capital investment grew by over 59% to R6.8 billion in the reporting period compared to the same period a year ago. This is part of the R78 billion that the Company is planning to invest in capital over the next five years.