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“Back you re still watching s. Abc news. Let s catch you up with some some business news. Now south african airways will need a government loan guarantees and bailouts.
Until 2021. The company remains heavily indebted and continues to bleed losses throughout the operational routes. This is according to si si of we are near johanna. Who was before parliament today.
The airline s annual report financial. Statement. Irregular fruitless and wasteful expenditure was under scrutiny. The revenues of si are not able to cover all his costs which means every month.
We ve got a gap in terms of in terms of in terms of funding in terms of the operations and at the end of the financial billions in losses. Absolutely shahana outlined the financial crisis facing the national airline apart from being unable to meet its operational obligations. The company has been accumulating debt since 2012. Reducing this debt is one of the key elements needed to turn around its fortunes.
But the airline continues to suffer huge losses. The domestic routes all of them without fail we re registering losses not on a full cross on occasion but at across profit margin level which means we are not talking the head of his course and other costs that you can say maybe you are over staffed or you ve got too many buildings and so on just the cost of the aircraft you amortize. It the route the fleet take their flight their crew. The cabin crew.
The few are landing and navigation. Roger said. Well let s look at this then it s negative. There s little confidence on whether the airline will recover anytime soon.
It seems as if we are already indepted. We are totally in depth at you own of controls. You ve got everything how much we believe you that your turnaround strategy or whatever you are talking about today will be able to change the scenario that has been sketched out in front of us here. We know there s a crisis.
No one doubts that but iii really would beg us to try and look at at how we dealing as a parliament with si and for coming incidents of theft and failure to account for the airline s assets are complicating its turnaround strategy. The culture that were in inculcating in in in sa is a culture of zero tolerance for fraud corruption. In there kind of thing. Si.
A needs further capital injection to manage his turnaround strategy and to remain afloat. The airline and escom are the biggest recipients of government loan guarantees and bailouts. ” ..
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