Transnet Swings to Interim Loss as Volumes Drop, Costs Climb
- South African rail firm posts $86.9 million first-half loss
- Inefficiencies at the logistics company are hurting economy
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South Africa’s troubled state logistics firm Transnet SOC Ltd. swung to an interim loss after reporting lower rail, petroleum and container volumes.
The company posted a loss of 1.6 billion rand ($86.9 million) for the six months through September, compared with a profit of 159 million rand a year earlier, Transnet said in an emailed statement on Friday.