South African Hit By $32.2m Loss

Struggling flag carrier South African Airways (SAA) has confirmed operating losses of R374m ($32.2m) for 2013/14.

Struggling flag carrier South African Airways (SAA) has confirmed operating losses of R374m ($32.2m) for 2013/14.

The loss is smaller than that posted for 2012/13, which totalled R425m ($36.6m), with the carrier reporting it had achieved annual savings of R453m ($39m) through a series of cost-reduction measures.

The group’s revenue also increased 12 per cent year on year to R30.3bn ($2.6bn).

SAA, which last month borrowed R6.5bn ($566m) from the South African government, cited the “ongoing impacts” of high fuel prices and the weakened rand on its operations.

TAGS: Africa
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