SAA has finally tabled a\u00a0financial report for the 2014\/15 financial year before Parliament, showing a multi-billion rand loss for the period.<\/p>\n
The results confirm statements from finance minister Pravin Gordhan earlier in the week, saying that the airline suffered a R4.7 billion loss in the year. According to Gordhan, the airline faces another R1.8 billion loss in the 2015\/16 period.<\/p>\n
The airline has been making a loss since 2012, with the\u00a0last available results, from 2013\/14 showing the group post a loss of R2.59 billion. The airline has accrued losses of over R18 billion over the past 10 years<\/a><\/strong>.<\/p>\n SAA has also received a number of government bailouts worth at least R14.4 billion over the past 5 years, as part of its turnaround strategy, but was blocked from receiving further grants by Gordhan until a new board was established.<\/p>\n Earlier in the month, a new SAA board was elected, with president Jacob Zuma’s friend, Dudu Myeni still at the helm\u00a0– which was followed\u00a0by National Treasury granting the airline another R5 billion guarantee\u00a0with strict conditions.<\/p>\n The results tabled before parliament are only the preliminary results for SAA. According to the finance minister, the auditors of the report raised a number of technical issues, which need to be reviewed by technical experts before the results can be finalised.<\/p>\n Revenue for the group was down to R28.5 billion from\u00a0R28.7 billion previously, while operating expenses were up to R31.6 billion from R30.6 billion in 2014.<\/p>\n Only 2% of SAA\u2019s R24 billion budget goes to black business<\/a><\/strong><\/p>\n New SAA board shows Cabinet taking responsibility \u2013 ANC<\/a><\/strong><\/p>\nMore on SAA<\/h3>\n