South African Airways has reportedly posted a R1,38bn loss in the first quarter of the 2015/16 financial year. This is according to a quarterly report, seen by Business Day.
According to the report, despite the loss, SAA improved its cash position thanks to route cuts and employee retrenchments.
This report contradicts a recent interview with SAA board chairperson, Dudu Myeni, where she stated that the airline had managed to cut its debt by half and that it would no longer require further government bailouts.
Meanwhile, spokesperson for SAA, Tlali Tlali refused to confirm or deny the figures. He told Tourism Update that SAA had not released any financial performance quarterly results and could not comment on information it did not place in the public domain.
SAA is yet to officially publish its financial results for 2014/15 and has missed several deadlines. Just three weeks ago, Minister of Finance, Pravin Gordhan, requested a fourth extension for the tabling of SAA’s results to September 15.
The Minister announced during a recent business breakfast hosted by the Johannesburg Chamber of Commerce and Industry that he wanted to find a new board and a new management team for SAA, including both ‘new blood’ and existing members. “We must do political homework and get credible people on board,” he was quoted as saying.
