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Home Africa

Mozambican CFM port and rail posts positive result of US$57M in 2017

FurtherAfrica by FurtherAfrica
December 8, 2017
in Africa, Economy, Mozambique, Port, Rail, Trade, Transport, Travel
Reading Time: 1 min read
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Weekend: Maputo, scent of flowers

Maputo Railway Station, considered one of the 10 most beautiful stations in the world. (Photo: Nunzio De Nigris)

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Mozambique’s state-owned Ports and Railways (CFM) is expected to post a positive operating result of 3.5 billion meticals (US$57 million) this year, an increase of 11% over the profit achieved in 2016, the company’s chairman announced at a meeting in Maputo.

Miguel Matabel, who was speaking at the opening of the Company’s Budget Estimation and Approval Meeting for the 2018 tax year, said that the company’s financial and global results are expected to grow at the same level.

Cited by Mozambican daily newspaper Notícias, the chairman of the state company noted the warnings issued by both the Bank of Mozambique and the Ministry of Economy and Finance regarding the difficulties that the country may face in 2018.

“CFM is not an isolated island in the country so it is necessary to ensure strict budgetary discipline so that we can execute the plan that is outlined for next year,” said Matabel.

The CFM Budget Appraisal and Approval Meeting is held annually, bringing together the company’s senior managers.

Source: Macauhub

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Tags: Bank of MozambiquebudgetCFMMaputoMiguel MatabelMinistry of Economy and FinanceMozambiquePortPortos e Caminhos de Ferro de MoçambiqueRailwayモザンビーク莫桑比克
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