SAA releases financial results

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Financial results
1 min read

After several months’ delay, South African Airways’ (SAA) on 29 March released its financial results for the 2016/17 financial year.

Addressing media, SAA ceo, Vuyani Jarana said that the airline’s net loss more than trebled to R5.6 billion rand during the period, following on a loss of R1.5 billion during the 2015/16 financial period.

In response to finding a suitable equity partner for the airline, Jarana added that it was about two years away and that SAA is expected to break even by 2021 and that it was in talks with unions about reducing staff costs.

Finance Minister, Nhlanhla Nene added that cutting debt at the national carrier would “be a tall order but it is what we are aiming for.”

The minister also continued to say that there are initiatives currently underway and that structures are in place to cut the airline’s debt.

The Minister further encouraged South Africans to return to supporting the airline, “Those that are not flying SAA please starting flying SAA again, when you identify issues tell us,” he said.