Despite Loss South African Airways Confident About Future Outlook
Bolstered by early signs of improved performance especially of the domestic and regional routes, South African Airways (SAA) says it is confident about its future outlook.
The airline yesterday announced its financial results for the year ending March 2017 following its Annual General Meeting (AGM). It recorded losses of R5.67 billion for the year ending March 2017.
Despite the loss, SAA business fundamentals remain intact as passenger numbers remained steady albeit at lower fares due to increased competition on international and domestic routes.
The majority of the airline’s operations remain intact due to solid operational fundamentals despite poor financial performance in financial year 2017. The airline has been able to maintain the integrity of its flight schedule, a significant indicator of stability of its operations.
SAA is forging ahead with the implementation of its turnaround strategy. The effects of the turnaround strategy is expected to be seen in the 2019/20 financial year.
The AGM was the first to be concluded since the appointment of Mr Vuyani Jarana, SAA CEO, a newly reconstituted Board and new Shareholder minister. See the full report here.