South Africa's national carrier reported a loss of 1.2 billion rand ($107 million) before tax in results for 2012 and 2013, published months late on Wednesday.
"The airline reported total revenue of 27.1 billion rand ($2.4 billion) in the year under review against the previous financial year's 23.9 billion rand ($2.12 billion)," the firm said in a statement.
Total income increased by 14 percent, while operating costs went up 12 percent year-on-year, South African Airways (SAA) said following its annual general meeting, after the result publication was delayed by five months.
The airline cut costs by $89 million in the year, but said these were offset by higher fuel costs and the national currency's flagging rate against the dollar.
SAA has posted a loss for several years and in 2013 borrowed 1.5 billion rand to keep flying. The government, its only stakeholder, gave the firm a five-billion-rand guarantee to finance a turnaround in late 2012.
It submitted a 20-year turnaround plan last year, its tenth attempt in 13 years, detailing ways to steer it into profitability.
"With strong and energetic leadership we have in place, we intend to return this airline to profitability in line with the projections made in our strategy document," said CEO Monwabisi Kalawe on Wednesday.
Current goals include renewing its ageing fleet, he added, after the airline last year bought ten new Airbus jets.
South Africa’s national carrier reported a loss of 1.2 billion rand ($107 million) before tax in results for 2012 and 2013, published months late on Wednesday.
“The airline reported total revenue of 27.1 billion rand ($2.4 billion) in the year under review against the previous financial year’s 23.9 billion rand ($2.12 billion),” the firm said in a statement.
Total income increased by 14 percent, while operating costs went up 12 percent year-on-year, South African Airways (SAA) said following its annual general meeting, after the result publication was delayed by five months.
The airline cut costs by $89 million in the year, but said these were offset by higher fuel costs and the national currency’s flagging rate against the dollar.
SAA has posted a loss for several years and in 2013 borrowed 1.5 billion rand to keep flying. The government, its only stakeholder, gave the firm a five-billion-rand guarantee to finance a turnaround in late 2012.
It submitted a 20-year turnaround plan last year, its tenth attempt in 13 years, detailing ways to steer it into profitability.
“With strong and energetic leadership we have in place, we intend to return this airline to profitability in line with the projections made in our strategy document,” said CEO Monwabisi Kalawe on Wednesday.
Current goals include renewing its ageing fleet, he added, after the airline last year bought ten new Airbus jets.
