Transnet swings back into profit as it posts first unqualified results since 2018

[TheChamp]

profitable before or after the 3000 ghost employees salaries are deducted?

That's PRASA.

 

[R13...]

Pleasantly surprised.
Imagine how much more they'd be making if they fulfilled the contracts will all those companies who lost billions due to them being unable to deliver.

 

[Deandbn]

I personally don't believe a word of it. A profit when most of railway lines have been sold for scrap. The overhead gantries have been sold for scrap. The stations have been dismantled piece by piece. The trains don't fit on the rails. The harbours the worst in the world. The ghost employees. Should I go on..
Nope.. Lies, all of it.

 

[Neptuner]

That's PRASA.

Yes thats PRASA, thanks for correcting.

 

[borro]

I personally don't believe a word of it. A profit when most of railway lines have been sold for scrap. The overhead gantries have been sold for scrap. The stations have been dismantled piece by piece. The trains don't fit on the rails. The harbours the worst in the world. The ghost employees. Should I go on..
Nope.. Lies, all of it.

 

[TheChamp]

I personally don't believe a word of it. A profit when most of railway lines have been sold for scrap. The overhead gantries have been sold for scrap. The stations have been dismantled piece by piece. The trains don't fit on the rails. The harbours the worst in the world. The ghost employees. Should I go on..
Nope.. Lies, all of it.

You probably don't believe it because you are misinformed, but it's a confusion that happens from time to time so you are forgiven. There is a difference between PRASA and Transnet, they are separate entities, each one doing their own thing, while Transnet is showing good signs of recovery PRASA is still a mess with no signs of recovery.

 

[wingnut771]

You probably don't believe it because you are misinformed, but it's a confusion that happens from time to time so you are forgiven. There is a difference between PRASA and Transnet, they are separate entities, each one doing their own thing, while Transnet is showing good signs of recovery PRASA is still a mess with no signs of recovery.

Are you saying thieves only steal PRASA tracks and leave Transnet tracks alone?

 

[ForceFate]

I personally don't believe a word of it. A profit when most of railway lines have been sold for scrap. The overhead gantries have been sold for scrap. The stations have been dismantled piece by piece. The trains don't fit on the rails. The harbours the worst in the world. The ghost employees. Should I go on..
Nope.. Lies, all of it.

Lol

 

[ForceFate]

Are you saying thieves only steal PRASA tracks and leave Transnet tracks alone?

You know there TRANSNET is more than just railway lines, don't you? And that arresting the scourge of corruption also has potential to yield positive results? What's with all this negativity in the face of positive news? Isn't this what everyone wanted? A step in the right direction? Or you want to wallow in the bad news to fulfill some "prophecy"?

 

[konfab]

This follows TFR telling coal exporters in April that it would terminate their long-term railing agreements in terms of a force majeure, which it had declared due to cable theft and the inability to source spares for locomotives. Transnet woes have led companies, especially coal producers, to report that their performance was negatively impacted by Transnet.

In a statement, TFR said the amendment relates to contractual arrangements for the remaining term of the long-term agreement which expires in March 2024.
TRF said despite concerted efforts to conclude the negotiations in good faith, a settlement had unfortunately not yet been reached with some CEPs.
According to TRF, it has held several discussions with the CEPs relating to aspects of the contract that required attention to ensure that the North Corridor (the heavy haul line transporting coal and other commodities) remains competitive and sustainable.

https://www.iol.co.za/business-repo...roducers-35a70aa6-fe6b-4a0f-ae3f-1f1694b47254

They still have pathological problems with their rail network

 

[R13...]

Here's the report which might make for interesting bedtime reading, lol

https://www.transnet.net/InvestorRelations/AR2021/2021%20ANNUAL%20RESULTS%20PRESENTATION.pdf

It is odd that they actually have less revenue and volumes plus increased costs and yet turned a profit. Haven't looked at the balance sheet to see where the profit comes from.

 

[wingnut771]

You know there TRANSNET is more than just railway lines, don't you? And that arresting the scourge of corruption also has potential to yield positive results? What's with all this negativity in the face of positive news? Isn't this what everyone wanted? A step in the right direction? Or you want to wallow in the bad news to fulfill some "prophecy"?

I would prefer not to have baby steps. 3 steps back one step forward.

 

[ForceFate]

I would prefer not to have baby steps. 3 steps back one step forward.

This one is many steps forward actually. Hopefully this filters to the operational side of business going forward.

 

[Pegasus]

Transnet swings from over R8bn FY loss to a R5bn profit

Group also secures first unqualified audit in four years.

www.moneyweb.co.za

Yeah ok:
“However, the improved performance was largely off the back of an R11 billion upward valuation of its investment (commercial) property portfolio.”

Transnet swings from over R8bn FY loss to a R5bn profit

Group also secures first unqualified audit in four years.

www.moneyweb.co.za

Revaluing and restating investments…

 

[TheChamp]

Are you saying thieves only steal PRASA tracks and leave Transnet tracks alone?

I am sure they don't discriminate but he is describing PRASA.

 

[Pegasus]

Unqualified results?

If it’s unqualified it means that the auditors didn’t find anything naughty.

Unqualified Opinion: What the Term Means in an Auditor's Report

An unqualified opinion is an independent auditor's judgment that a company's financial records and statements are fairly and appropriately presented.

www.investopedia.com

 

[TheChamp]

Yeah ok:
“However, the improved performance was largely off the back of an R11 billion upward valuation of its investment (commercial) property portfolio.”

Transnet swings from over R8bn FY loss to a R5bn profit

Group also secures first unqualified audit in four years.

www.moneyweb.co.za

Revaluing and restating investments…

I am also very impressed that they got a clean audit, that for me is a sign of good things to come, it's a base on which to build a good SOE.

Unless of course things have changed and clean audits are no longer fashionable.

 

[TheChamp]

If it’s qualified it means that the auditors didn’t find anything naughty.

Unqualified Opinion: What the Term Means in an Auditor's Report

An unqualified opinion is an independent auditor's judgment that a company's financial records and statements are fairly and appropriately presented.

www.investopedia.com

Unqualified*

The simplest way to describe it on MyBb is that Transnet is being run like a DA municipality in the WC, clean audits, beke le beke, no one will come back after that.

 

[Pegasus]

On page 26 in the income statement you can see where that “profit” came from.
Also 2021 results were restated.

https://www.transnet.net/InvestorRelations/AR2022/Final%20Transnet%20AFS%202022.pdf

 

[Pegasus]

Unqualified*

The simplest way to describe it on MyBb is that Transnet is being run like a DA municipality in the WC, clean audits, beke le beke, no one will come back after that.

Ja, unqualified is what I meant to say.