South Africa’s Transnet returns to profit

South Africa’s state-owned logistics firm Transnet on Wednesday reported a full-year profit of 5 billion rand ($296.81 million), recovering from a loss of 8.7 billion rand in the previous year, thanks to higher port and pipeline volumes despite capacity problems at its flagship rail unit.

Revenue in the year to March 31 was up 1.8% at 68.5 billion rand, compared to 67.3 billion rand last year. ($1 = 16.8458 rands)

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