South African Airways made a R4.67-billion loss in 2014/15, according to financial statements released to Parliament on Thursday.
JOHANNESBURG - South African Airways (SAA) made a R4.67-billion loss in 2014/15, financial statements released to Parliament on Thursday show.
BREAKING:- So @flysaa declares a R4.67bn loss for 2014/15 in financial statements just tabled in @ParliamentofRSA!
Finance Minister Pravin Gordhan mentioned the loss in Parliament on Tuesday - before the financial statements were released - 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 DA said this brought the airline's losses to R8.67-billion.
The party put blame for the "massive" loss on SAA chair Dudu Myeni, who was recently controversially reappointed.
"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.
The DA is to submit a formal application for a review of Myeni's appointment.
Treasury has approved a R5-billion loan guarantee for the ailing airline, but has warned it will keep a close eye on the new board's performance.
No comments:
Post a Comment