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Transnet said first-half profit fell 25% after finance costs rose and the South Africa’s state-owned ports and rail operator’s writedowns of older equipment more than doubled.

After-tax profit decreased to R2.14 billion rand in the six months ended September 30, compared with R2.85 billion in 2013, the company said in a presentation handed to reporters today. Finance costs increased 18% to R3.23 billion, while impairments advanced to R719 million from R288 million.

Post-tax profit was lower “as result of increased borrowing,” Chief Executive Officer Brian Molefe said. “We are not concerned because we are in a phase of the company where we are adding capital stock.”

Transnet is two years into a seven-year, R312.2 billion programme to improve rail links and port capacity in South Africa. The Johannesburg-based company is financing the investment by tapping local and foreign debt markets.

Transnet last month signed a 10-year, R24 billion deal with BHP Billiton to transport coal to the country’s ports for export. The company is confident that agreements with its remaining 28 coal customers will be signed by the end of November, Molefe said last month. Other miners include Glencore Plc and Exxaro Resources.

Coal lines

South Africa is the continent’s biggest coal supplier, with most production in the eastern Mpumalanga province, where reserves are declining. Companies are now developing the largely untapped Waterberg Basin in the northern Limpopo province, which contains about 75 billion tons of coal, or 40 percent of South Africa’s resources, according to state power utility Eskom Holdings SOC Ltd.

Coal-line volumes increased 4.3 percent to 43.7 million metric tons, while automotive and container volumes on rail were 14 percent higher than a year earlier, Transnet said in a statement. The company forecasts a 9 percent advance in coal deliveries in the year to March.

Exports of iron ore and manganese, both steelmaking ingredients, rose 4.8 percent to 32.9 million tons, it said. South Africa has the world’s largest known reserves of manganese and is the biggest producer.

Earnings before interest, tax, depreciation and amortization climbed 6% to R12.8 billion. Revenue advanced 6.4% to R30.3 billion, the company said.

Capital investments rose 67% to R18.7 billion, while cash generated from operations after working capital charges increased 57% to R17.7 billion.