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South African Airways Records R4.67 Billion Loss



South African Airways (SAA) has posted a loss of R4.67 billion for the 2014/15 financial year, according to the financial statement released to the country's Parliament.


The Finance Minister Pravin Gordhan had warned the Parliament on Tuesday that the national carrier would report a loss of R4.6 billion saying: "I think we owe it to the South African public that we be honest and frank and truthful about the financial status of the airline.


For the year 2014-15 where the annual financial statements are about to be concluded – it is correct, there was a loss of R4.7-billion."


The country's Democratic Alliance party blamed the loss on South African Airways chair Dudu Myeni, who was recently controversially reappointed by President Zuma.


"There remains no doubt that the required management revolution at SAA has a low probability of materialising under the leadership of Dudu Myeni, who behaves less like a chairperson, and more like a corporate warlord, and who has single-handedly driven SAA to the brink of liquidation," the party said in a statement.


South African Airways was recently granted a R5-billion loan guarantee by the South African Treasury which said it will keep a close eye on the performance of the airline's new board.

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