State-owned transport company Transnet reported a 57 percent increase in operating profit for the year to March 31 on Tuesday.

Operating profit soared from R3.1 billion to R8.5bn over the year.

These are the first full year results following the adoption of the international financial reporting standards by Transnet.

The company is concentrating on freight transport, having sold South African Airways and Metrorail. It will sell Shosholoza Meyl soon.

Chief executive Maria Ramos commenting on the results said: "It's a matter of relentlessly pursuing your objectives and implementing the strategy that's on the table already. We said it would take three to five years to turn Transnet around and we are making good progress."

Sapa

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