Transnet has asked customers to pay September bills a full 30 days early in a bid to make its mid-year results look better. | News24_Business
Transnet is preserving its cash in face of operational difficulties, including a shortage of locomotives.Transnet, under intense pressure from striking employees and dissatisfied clients, asked its customers to pay 30 days early and requested to postpone payment to suppliers so that the company's cash position would look better at its half-year results, which closed at the end of September.
This is the second time Transnet has dressed up its financials in six months. In the 2021/22 financial year, in statements published at the end of July, the company revalued its property portfolio by R11 billion, which resulted in an R5 billion net profit for the year. Transnet would have made an R6 billion loss if the investment properties had not been revalued. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month.
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