Transaction Capital Results | SA Taxi takes sho't left for restructuring

transaction capital results | sa taxi takes sho't left for restructuring

File: Transaction Capital, which finances minibus taxis, is warning its profit for the year will be up to 70-percent lower.

JOHANNESBURG - Finance company Transaction Capital has reported a reduction in losses in its interim results.

This, as it managed to consolidate losses incurred at SA Taxi and its subsidiaries. Revenue declined to 981-million rand from 1-point-3 billion rand a year ago.

READ: Lender to taxi industry posts record loss

But, the successful unbundling of WeBuyCars which listed on the JSE in April has helped the group. It allowed it return over 5-billion rand to shareholders and raise a-billion more to pay down its debt.

The company notes that its taxi business remains a major challenge. But, it says it has proposed a detailed business plan to restructure the SA Taxi balance sheet. It's hoped this will significantly reduce losses on the current loan book.

The company's CEO, Jonathan Jawno spoke to eNCA's Dan Moyane about their numbers.

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