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Transnet yet to count strike losses

Johannesburg - Transnet said on Thursday it might take up to three months to determine the extent of losses caused by the recent three-week strike.

In May, the parastatal was embroiled in industrial action that paralysed its rail, port and pipeline operations.

Speaking after presenting financial results for the year to end-March, acting CEO Chris Wells said it was difficult to gauge losses resulting from the strike, noting he did not believe they were significant.

Wells said the damage to the company's equipment and other assets amounted to R50m, most of which would be covered by insurance.

Wells also said the strike, which started on May 10 and ended on May 27, led to a significant backlog, which was likely to ease after two months. "We face the challenge of catching up."

Wells also said he was confident that volumes would show reasonable increases this year, despite the three-week-long strike.

"We have a focused recovery plan in place," Wells said, referring to the company's efforts to clear the backlog.

 - I-Net Bridge
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