South African Airways (SAA) is continuing to bleed money and made a net loss of R1.38bn in the first quarter of the new financial year‚ its quarterly results show — despite compressing costs by cutting routes and employment.
But it is in a stronger cash position and is unlikely to need to raise further funding for at least the next six months.
The state-owned airline’s financial position has implications for the standoff between Finance Minister Pravin Gordhan and SAA chairwoman Dudu Myeni. For long-term stability‚ it remains urgent for Gordhan to get the right leadership at the airline‚ but in the short term‚ he has little leverage to do so.
The quarterly report that Business Day has had sight of is the first financial information about the airline to reach the public domain for 18 months‚ as SAA has not finalised its annual financial statements for 2014-15.
Read the full story in Business Day www.bdlive.co.za
South African Airways bleeding money
South African Airways (SAA) is continuing to bleed money and made a net loss of R1.38bn in the first quarter of the new financial year‚ its quarterly results show — despite compressing costs by cutting routes and employment.
But it is in a stronger cash position and is unlikely to need to raise further funding for at least the next six months.
The state-owned airline’s financial position has implications for the standoff between Finance Minister Pravin Gordhan and SAA chairwoman Dudu Myeni. For long-term stability‚ it remains urgent for Gordhan to get the right leadership at the airline‚ but in the short term‚ he has little leverage to do so.
The quarterly report that Business Day has had sight of is the first financial information about the airline to reach the public domain for 18 months‚ as SAA has not finalised its annual financial statements for 2014-15.
Read the full story in Business Day www.bdlive.co.za
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