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

by Reuters 0

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.