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Article: Transnet's swift action keeps storm at bay; zz Wide-ranging programme to cut costs limits damage of global recession.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- October 29, 2009
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BYLINE: Samantha Enslin-Payne
Cost cutting across all divisions, including the freezing of new appointments and a temporary stay in executive pay hikes, has helped Transnet limit the damage of the global recession to its business.
Chris Wells, the acting chief executive, said yesterday a wide-ranging programme to cut costs was implemented from October last year.
"When we saw early on that we would go into recession we were determined to keep the balance sheet strength," he said.
Cost cuts included the freezing of new appointments and a massive reduction in overtime, which was possible due to the decline in cargo volume.
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