SAA financial loss expected to be in the billions

South African Airways may have recorded a loss of more than R9-billion in the 2018 financial year. Courtesy of #DSTV403

JOHANNESBURG - South African Airways may have recorded a loss of more than R9-billion in the past year, if previous numbers are an accurate indication.

The national carrier's 2018 annual report has not been published, 17 months after the end of that financial year.

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Between 2012 and 2017, SAA suffered a total loss of nearly R18-billion.

Guy Leitch from the SA Flyer magazine said the numbers in terms of profit and loss are probably known, but the auditing process is slowing the release down.

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Leitch said the approximate loss would probably be in the region of R5-billion, more than budgeted for but less than initially expected.

He stated the airline's problems were primarily operational rather than functional and need leadership with airline experience. 

Source
eNCA