March 29, 2018 / 10:09 AM / 4 months ago

South African Airways net loss widens to 5.6 bln rand, CEO says

JOHANNESBURG, March 29 (Reuters) - South African Airways (SAA) suffered a net loss of 5.6 billion rand ($475 million) in the 2016/17 financial year, compared to a loss of 1.5 billion a year earlier, Chief Executive Vuyani Jarana said on Thursday.

SAA is regularly cited by ratings agencies as a drain on the government’s purse and has not generated profit since 2011.

Jarana said a news conference that the airline was in talks with unions about reducing staff costs and expected the airline to break even by 2021. ($1 = 11.8008 rand) (Reporting by Tiisetso Motsoeneng Writing by Alexander Winning Editing by Joe Brock)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below