OH NO!! South African Airways Records $330Million Loss [READ]

South African Airways. (Photo Credit: Olympus Digital Camera)
South African Airways. (Photo Credit: Olympus Digital Camera)

State airline, South African Airways, SAA on Friday, revealed it has recorded a loss of 4.67 billion rand (330 million dollars) between 2014 and March 2015.

According to financial results presented to the parliament, the Star Alliance sales during the period were 30 billion rand.

In 2014, the company posted a loss of 2.56 billion rand.

However, struggling SAA has delayed the publication of the latest results several times.

Meanwhile, without state loan guarantees worth billions, the airline would have been declared bankrupt.
In addition, the next financial results are also expected to show large losses, for the fifth year in a row.

Meanwhile, the country’s major opposition party, the Democratic Alliance, has accused the administration of President Jacob Zuma of serious mismanagement.

He also called has called for the company to be privatized for better management.

SEE ALSO: EMULATING NIGERIA? Egypt’s KLM Airline Announces Suspension Of Operations [DETAILS]

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