Transnet chairperson Popo Molefe said the utility pushed its profits 3.5 percent to R2.9 bn during the period and intensified its efforts to recover funds and renegotiate irregular service agreements that were negotiated by past executives.
Molefe said there was a hive of activity to address the myriad corruption-era transactions.
“We are almost there in finding elegant solutions with service providers whose contracts were found to be irregular,” Molefe said. “This might not necessarily mean they were illegal, which is why we are looking for workable solutions in either recovering the company's money or getting the value we had signed for.”
Transnet recorded that its operating costs increased 1.2 percent to R21.2bn in tandem with a 5.1 percent increase in earnings before interest tax depreciation and amortisation, which rose to R17.5bn. The group said cash generated from operations increased 5.3 percent to R16.2bn.