The good news is that state-owned transport group Transnet managed to eke out a profit even though its operations were severely disrupted by the April floods in parts of KwaZulu-Natal and the Eastern Cape.
Transnet was able to post a profit because it managed to free itself from debt repayments that were soon due to its lenders by deferring them to a later stage. It also deferred tax payments worth R271-million. These factors allowed Transnet the space to enjoy the revenue it generated from its freight, rail and logistics operations without shelling out large amounts to service debt obligations and pay the taxman.
But exporters are facing major problems in railing their goods to market and this can be seen at Transnet Freight Rail, the largest division at Transnet which generates most of the R36.1-billion in revenue at the SOE.
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