Scopa to visit cash-strapped SAA amid financial crisis | IOL News

Cape Town - The Standing Committee on Public Accounts will on Thursday visit SAA due to the deterioration of the airline's finances.In a report that has been given to Scopa, SAA has shown that it suffered a loss of R5.

4 billion last year and another loss of R5bn this year, further deepening its financial crisis. The government has recently given it R5.5bn and will pay off R9.2bn to settle its debts.While answering questions on Wednesday, Deputy Minister of Public Enterprises Phumulo Masualle said they were working on getting the airline back on track.

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SAA lost more than R10.4bn in the past two financial years, documents show | IOL NewsSAA, which has not made a profit since 2011 and is dependent on government bailouts to remain solvent, suffered a crippling strike last month which pushed it to the brink of collapse. It seems extremely painful. Let's pray to our lovely God to have mercy over this business. May God dwell into the hearts of those in the saddle of this organisation, and give them power and energy to progress in what is right and good.
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CARTOON: SAA digs its graveToday's cartoon, by brandanrey: SAA digs its grave
Source: BDliveSA - 🏆 12. / 63 Read more »

Don't blame us, say SAA unions after threat of 'radical restructuring'The National Union of Metalworkers of South Africa (Numsa) and the South Africa Cabin Crew Association (Sacca) have rejected sentiments in the public enterprises department that they caused damage to the airline's reputation. Be assured everyone whose job is safe by virtue of adding value and not parasiting on the Company didn't strike. The concept of shooting yourself in the foot seems to be lost on the Comrades Cadres.😶 IrvinJimSA White elephant must go
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SAA losses hit R10bn mark over two yearsThis is the first time in two years that parliament and the public have had sight of SAA’s financial statements judging by the state of our SOE's and the way they are bleeding Tax payers money the are suffering from a new strain of Ebola, most deadly yet - the ANC strain it will not only bleed you dry but leech every other ounce of goodness out as well. SOE's in action... Don't hold your breath that 'radical restructuring' will save SAA: they will claim it will take time and then the tax payer coughs up billions again year after year. Then they will state the restructure was not successful and have a new plan for the next years, costing billions.
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SAA can't be saved, says Free Market FoundationThis follows the announcement that the airline will be undergoing 'radical restructuring aimed at ensuring operational and financial sustainability. Please tell NUMSA Yes it can not be saved because you want to auction it to your friends and relatives Even a white person with white hair cannot save it
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SAA quandary can allow entrepreneurs to take offStartupBoeing is one initiative helping businesspeople to launch new airlines, while Chinese strategy lowers entry barriers
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