{"id":26315,"date":"2023-12-23T17:15:42","date_gmt":"2023-12-23T17:15:42","guid":{"rendered":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge"},"modified":"2023-12-23T17:19:20","modified_gmt":"2023-12-23T17:19:20","slug":"transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge","title":{"rendered":"Transnet swings to R1.6 billion interim loss as volumes decline, expenses surge"},"content":{"rendered":"

Africa-Press – Sierra-Leone. <\/strong><\/span>South Africa\u2019s troubled state logistics firm Transnet swung to an interim loss after reporting lower rail, petroleum and container volumes.<\/p>\n

The company posted a loss of R1.6 billion for the six months through September, compared with a profit of R159 million a year earlier, Transnet said in an emailed statement on Friday.<\/p>\n

The company blamed collisions and community unrest on its coal railway lines, as well as equipment challenges, for lower volumes of ore and coal delivered.<\/p>\n

Derailments, cable theft and power outages also affected all lines, Transnet said.<\/p>\n

\u201cThe first half of the financial year was clouded by uncertain economic conditions, perpetual operational challenges, load-shedding and subdued business performance,\u201d the logistics firm said.<\/p>\n

Rail and petroleum volumes were down 7%, while container volumes declined nearly 2%. Net operating expenses jumped 10% to R25.3 billion on higher salaries, electricity tariff increases, pipeline theft, vandalism incidents and material costs.<\/p>\n

\u201cThe first half of the financial year was clouded by uncertain economic conditions, perpetual operational challenges, load-shedding and subdued business performance,\u201d the logistics firm said, referring to electricity rationing by state-owned power utility Eskom.<\/p>\n

A longer-than-anticipated shutdown of South Africa\u2019s inland crude oil refinery, Natref, in the first quarter was primarily behind the decrease in petroleum volumes, while container volumes fell due to harsh market and weather conditions and equipment challenges.<\/p>\n

Transnet is executing a recovery plan backed by a R47 billion government support package to help meet immediate debt obligations.<\/p>\n

The program is in its third month and is expected to be fully executed in 18 months. It\u2019s aimed at improving operations and recovering volumes by enhancing the availability and reliability of critical equipment.<\/p>\n

\u201cProcurement optimization \u2014 particularly for critical spares \u2014 more efficient capital allocation to drive volume throughput, and maintenance delivery are a top priority,\u201d Transnet said.<\/p>\n

For More News And Analysis About Sierra-Leone<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Sierra-Leone. South Africa\u2019s troubled state logistics firm Transnet swung to an interim loss after reporting lower rail, petroleum and container volumes. The company posted a loss of R1.6 billion for the six months through September, compared with a profit of R159 million a year earlier, Transnet said in an emailed statement on Friday. […]<\/p>\n","protected":false},"author":84,"featured_media":26314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[291,293,292],"class_list":["post-26315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-sierra-leone","tag-sierra-leone"],"yoast_head":"\nTransnet swings to R1.6 billion interim loss as volumes decline, expenses surge - Sierra Leone<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s troubled state logistics firm Transnet swung to an interim loss after reporting lower rail, petroleum and ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transnet swings to R1.6 billion interim loss as volumes decline, expenses surge\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s troubled state logistics firm Transnet swung to an interim loss after reporting lower rail, petroleum and ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge\" \/>\n<meta property=\"og:site_name\" content=\"Sierra Leone\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-23T17:15:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-23T17:19:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/12\/sm_1703339325.296336.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Transnet swings to R1.6 billion interim loss as volumes decline, expenses surge\",\"datePublished\":\"2023-12-23T17:15:42+00:00\",\"dateModified\":\"2023-12-23T17:19:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge\"},\"wordCount\":319,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/12\/sm_1703339325.296336.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Sierra-Leone\",\"Sierra-Leone\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge\",\"url\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/transnet-swings-to-r1-6-billion-interim-loss-as-volumes-decline-expenses-surge\",\"name\":\"Transnet swings to R1.6 billion interim loss as volumes decline, expenses surge - 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