Jarana defends SAA’s poor performance, lack of turnaround
State-owned South African Airways (SAA) on Tuesday said it was again taking “urgent steps” to address issues raised by the Auditor-General’s (AG’s) office in its 2016/17 audit report, which was released last week.
“The AG has given us a comprehensive diagnosis into key areas of our business and this has provided deep insights,” SAA CEO Vuyani Jarana said in a release issued on Tuesday.
The report formed part of SAA’s integrated report along with financial results for 2016/17, which were due to be announced later this month. The airline has incurred a net loss of R5.57-billion and expected that its financial situation will not be much different for 2017/18.
Jarana again called for funding for the airline’s proposed five-year plan and turnaround strategy, noting that it required support from its shareholder. SAA already received a R10-billion bailout from National Treasury last year, in an attempt to improve its balance sheet.
“SAA has had many previous turnaround strategies which have not been implemented before. This time it is different: we believe the vision outlined by the board is absolutely correct and are committed to ensuring it is put into practice.
“However, it is important to note that SAA has never been properly capitalised, and any company has a defined maximum debt capacity beyond which debt becomes a burden,” said Jarana.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
