Pre-tax profits at Mozambican rail and port company rise three-fold in 2010

23 March 2011

Maputo, Mozambique, 23 March – Mozambican railway and ports management company, Caminhos de Ferro e Portos de Moçambique  (CFM), posted a pre-tax profit of 1.5 million meticals, around three times the 552.9 million meticals posted in 2009, the chairman of the company said Tuesday in Maputo.

According to Rosário Mualeia, cited by Mozambican news agency AIM, the result was due to a 79 percent increase in traffic revenues, 57 percent in port handling and 55 percent in profits from concessions.

“These are quite positive results and their maintenance and continual improvement require the adoption of greater strictness in the invoicing processes of the services provided,” said Mualeia.

Last year, the company posted growth of 11.3 percent in the port sector, and handled 14 million tons of cargo, as compared to 12.6 million tons in 2009.

In the rail sector, CFM carried 5.3 million tons of cargo against 4.6 million in 2009, which represents growth of 15 percent.

Mualeia presented these figures during the opening ceremony of the 15th annual meeting of the CFM company directors that aimed to summarise the activities carried out in the commercial, operational and financial areas, as well as defining strategies for development of the rail and ports sector. (macauhub)