South African state-owned rail and logistics group Transnet said today its full-year revenue rose 11.9% to 30.1bn ($3.80bn).
The group said cash generated from operations rose 22% to R10.9bn and earnings before interest, tax, depreciation and amortisation were 18.3% higher at R13.2bn.
The state-owned group said all five of its operating divisions contributed to profitability and cash flow.
"It is pleasing to see the benefits of the turnaround ... We have ticked off all the boxes in the turnaround strategy," Maria Ramos, CEO of Transnet said in a statement.
The freight rail unit increased revenue by 13.9% to R16.6bn, while rail engineering revenue rose 5.7% to R7.1bn.
The National Ports Authority increased revenue by 12.1% to R6.9bn, revenue at the port terminals division was up 18.2% to R4.8bn and the pipelines unit showed a 6% rise in revenue to R1.3bn.
The group added that it planned to tap capital markets to source R36.5bn of the R80bn required for its capital investment programme over the next five years.
Ramos was optimistic that Transnet would achieve the R20bn rand it planned to spend on capital investment in 2008-09 financial year.
"Most of the money will henceforth be towards ensuring that we expand the capacity of our infrastructure instead of merely replacing it," she said.
By Serena Chaudhry, Reuters
