State-owned rail and logistics group Transnet said on Tuesday its revenue rose 12,9% to R16,8-billion for the six months ended September 30.
Transnet said all five of its operating divisions contributed to revenue growth.
The company said earnings before interest, tax, depreciation and amortisation (EBITDA) increased 6,8% to R6,6-billion. It added that cash generated by operations fell 15,6% to R5,2-billion, affected by a R1,1-billion investment in working capital.
Transnet is investing heavily to upgrade and expand its container-handling capability in its rail and ports business. It has said it plans to tap capital markets to source R36,5-billion of an R80-billion required for the capital-investment programme over the next five years.
Transnet CEO Maria Ramos said in a statement that while the company remained confident of its ability to raise the required funding, the process has become much more difficult due to widening interest-rate spreads amid the global credit crisis.
The company said borrowing in the domestic market would remain its main source of funding. — Reuters