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Breaking news: R991m loss for SAA
Wednesday, 29 January 2014
SAA has reported an operating loss of R991 million for the financial year 2012-2013, citing the weakened rand and fuel costs as reasons for the poor performance. This compares with a loss of R1,25bn for 2011-2012.
Presenting the result to the media on January 29, SAA cfo, Wolf Meyer, said 60% of the airline’s costs were dollar denominated. He said the rand had weakened 13% year-on-year and that the airline would have recorded a profit if the rand had been stronger. He was also at pains to point out that the airline had increased revenue 14% and improved on the losses reported during the previous financial period.

Wolf said increasing levels of competition and Middle East carriers capitalising on the liberalisation of the African market had also characterised the period reported.

By : etnw
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