Business 16.5.2018 07:41 pm

Another release of SAA financials, another huge revelation of losses

Another release of SAA financials, another huge revelation of losses

The airline lost R1.84 billion in just three months, R1.2 billion more than expected.

National Treasury on Wednesday released troubled South African Airways’ fourth-quarter results, revealing that the national carrier lost R1.2 billion more over the period than the expected sum of R610 million.

The company blamed the loss of R1.84 billion on currency movements that cost the company R656 million, higher than expected currency translation losses of R508 million and lower than expected passenger numbers.

The company said international sales declined by 11 percent and domestic sales by 21 percent.

Treasury released the details at the end of business on Wednesday. These formed part of presentations to Parliament’s standing committee on finance that were not delivered because the briefing was halted when MPs clashed over whether the information could be released, or if there was a risk that it might reveal the company’s strategies to its competitors.

The decision to halt the meeting was made by acting chairperson Thandi Tobias from the African National Congress.

There had been earlier wrangling over whether the meeting should be open or closed to the public.

– African News Agency (ANA)





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