Johannesburg - Transnet, South Africa’s state-owned ports and rail operator, said full-year earnings and revenue climbed as container and automotive volumes rose.
Earnings before interest, taxes, depreciation and amortisation gained 2.6 percent to R26.3 billion ($1.7 billion) in the 12 months through March, the Johannesburg-based company said in a presentation handed to reporters in the city on Monday.
Revenue increased 1.7 percent, boosted by petroleum volumes.
Transnet is seeking to increase the level of consumer and manufactured goods transportation on its rail lines and considering entering new businesses including warehousing, as it seeks to reduce a reliance on transporting coal and iron ore, Chief Executive Officer Siyabonga Gama said in an interview last month.
Prices for Transnet’s two main export commodities dropped by more than 20 percent in both 2014 and 2015.
South Africa is the world’s biggest manganese producer and the continent’s largest source of iron ore and coal. Iron-ore export volumes dropped to 58 million tons from 59.7 million tons, while coal declined about 6 percent to 72.1 million tons.
Transnet has delayed a planned expansion of its iron-ore line capacity and said in November it extended its capital-expenditure program to be as much as R380 billion over 10 years, compared with an earlier plan of R336 billion over seven years.
BLOOMBERG