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SAA Plummets to R4.5 Billion Loss

The latest SAA Group Results provided to the Standing Committee on Finance (SCOF) by the South African Airways (SAA) board reveals a staggering loss of R4.5 billion for 2016/17.

This new figure of R4.5 billion is significantly higher than the R3.5 billion revealed ten days ago and the R1.7 billion estimated in September 2016.

This is an increase of R1 billion in the space of ten days and an increase of R2.8 billion in the space of six months.

With a full month of figures left to be reported on, this loss of R 4.5 billion could yet plummet to an all-time low.

The Democratic Alliance (DA) intends to interrogate these volatile numbers fully when SAA appears before the SCOF tomorrow (Wednesday, 29 March 2017). “It is simply inconceivable that SAA losses have increased by a staggering R1 billion in a matter of weeks,” said MP Alf Lees, the DA Shadow Deputy Minister of Finance.

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