South Africa's Transnet says won't cut spending on infrastructure

by Reuters 0

South Africa's Transnet says won't cut spending on infrastructure

South African logistics group Transnet said it would not cut spending on infrastructure expansion for the next ten years budgeted at 336 billion rand ($24.41 billion), its acting chief executive said Thursday.

“We are not cutting capital, at the end of the day we are a commodity driven business,” said Garry Pita, the acting chief executive of Transnet, which posted lower first-half profit as weak commodity prices hit demand for trains.