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

[SubtleBeast]

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

Transnet has posted a profit of R5 billion for the year ended in March, recovering from a loss of R8.7 billion in 2021.

www.news24.com

Nice to read a good news story for a change.

 

[Defonotaltaccount]

Isnt Transnet's biggest customer the RSA government ?
If so, did we make a profit as a country or a loss ?

 

[ToxicBunny]

Isnt Transnet's biggest customer the RSA government ?
If so, did we make a profit as a country or a loss ?

No, and technically yes the taxpayers made a profit in transnet.

 

[Defonotaltaccount]

No, and technically yes the taxpayers made a profit in transnet.

Who is their biggest customer then ?

 

[R13...]

Who is their biggest customer then ?

Why would government be their biggest customer? Read the report, they give customer details.

 

[ToxicBunny]

Who is their biggest customer then ?

Are you dense?

 

[cr@zydude]

Who is their biggest customer then ?

Probably Kumba (iron ore) on a volume basis.

 

[Defonotaltaccount]

Probably Kumba (iron ore) on a volume basis.

OK thanks.

Why would government be their biggest customer? Read the report, they give customer details.

State funded business can service its own state.

Are you dense?

Why so aggro ?
Simple question.

 

[porchrat]

Good for them. Great to see a government entity doing something right for a change.

Just goes to show you what can happen when you put the right people in charge.

 

[konfab]

Hate to burst everyone's bubble, but the "profit" that they scored was mostly due to a revaluation of their assets.

https://twitter.com/i/web/status/1552899400095129602

Basically it is because of an accounting definition, not any savvy business accuman.

 

[TheChamp]

Hate to burst everyone's bubble, but the "profit" that they scored was mostly due to a revaluation of their assets.

https://twitter.com/i/web/status/1552899400095129602

Basically it is because of an accounting definition, not any savvy business accuman.

And the clean audit? Do we have any reasonable explanation for that?

Giving credit where it's due is an art...

 

[wingnut771]

And the clean audit? Do we have any reasonable explanation for that?

Giving credit where it's due is an art...

Did Eskom get a clean audit with the golden brooms? I don't actually remember an Eskom audit.

 

[TheChamp]

I also get a feeling that Karin is thinking about PRASA, because I don't get the part about so much of their infrastructure having been destroyed.

 

[R13...]

Hate to burst everyone's bubble, but the "profit" that they scored was mostly due to a revaluation of their assets.

https://twitter.com/i/web/status/1552899400095129602

Basically it is because of an accounting definition, not any savvy business accuman.

There's the explanation. I was wondering how they'd make a profit when they sold less than the year prior. They also spent less in Capex.

 

[TheChamp]

Did Eskom get a clean audit with the golden brooms? I don't actually remember an Eskom audit.

Are we doing that thing of scoffing at clean audits when they being achieved by ANC run institutions? The same clean audits that we fawn over when they are achieved by DA run institutions?

Or am reading things on a question totally unrelated to that? Just wondering because same thing happened when Ekurhuleni started getting clean audits, for some reason clean audits were suddenly not worth the paper they are written on and the Auditor General was an ANC cadre blah blah blah...

Anyway, I know deep in our hearts of hearts we just want good governance and our SOEs to be run properly, angithi mganam?

 

[TheChamp]

Here's Eskom, now imagine what all the naysayers would say if Eskom got a clean audit, De Ruyter would be declared a God, but here we are casting aspersions, bomenemene ke ntho e joalo.

ESKOM Audit Outcome | PMG

A meeting of the Public Accounts (SCOPA) committee held on 10 November 2021, lead by Mr S Somyo (ANC) (Acting)

pmg.org.za

 

[TheMightyQuinn]

Unqualified results?

Dlamini said the unqualified audit opinion was a key milestone as a qualified audit opinion has, in past years, had implications for Transnet's ability to raise funding in the market.

A qualified one previously contained the TRUE picture, which made intelligent investors run for the hills.

So believable vs. smoke and mirrors....

Hahahahaha....oh dear.

 

[TheMightyQuinn]

Agreed. We've become cynical and disillusioned in SA sadly.

I wonder why?

 

[TheMightyQuinn]

@rvZA
You somehow missed this article for some reason

Well it can be extremely difficult picking out those one or 2 small little diamonds from an epic mountain of kak, hey?

 

[wingnut771]

Are we doing that thing of scoffing at clean audits when they being achieved by ANC run institutions? The same clean audits that we fawn over when they are achieved by DA run institutions?

Or am reading things on a question totally unrelated to that? Just wondering because same thing happened when Ekurhuleni started getting clean audits, for some reason clean audits were suddenly not worth the paper they are written on and the Auditor General was an ANC cadre blah blah blah...

Anyway, I know deep in our hearts of hearts we just want good governance and our SOEs to be run properly, angithi mganam?

My point is that there would be a statement for the golden broom, satisfying the auditor.