adminSAA’s financial losses total more than R10 billion over the past two years, according to documents submitted to Parliament.
The airline’s business rescue practitioners and Public Enterprise Minister Pravin Gordhan briefed the Standing Committee on public Accounts last Friday.
Ahead of the meeting, SAA gave members of Parliament the annual financial statements for 2018, and the draft annual financial statement for 2019.
According to the documents, SAA reported a net loss of R5,4 billion in 2018, and a R5,04 billion loss in 2019. The restated losses for 2017 came to R5,3 billion.
Last year, the airline was unable to table its annual report for 2018/19 as it faced challenges to its going concern status.
After multiple bailouts from government, the airline was finally placed in business rescue in December last year.
The final plan from the business rescue practitioners is yet to be finalised.—Fin24.com.
Online Reporter