SAA posts R596 million pre-tax profit

[dlk001]

South African Airways posted a pre-tax profit of R596 million for the year ended March 2010, it said.

Mzimela said the major drivers of the airline’s improved performance were energy costs for the group, which declined 41 percent to R5.1 billion from R8.6 billion; aircraft lease costs, which decreased 30 percent to R1.6 billion from R2.3 billion; and staff costs, which were kept within acceptable parameters. Mzimela said total airline income fell 16 percent, from R26.4 billion in 2008/09 to R22.3 billion in 2009/10.

http://www.timeslive.co.za/business/...pre-tax-profit

[Rosaudio]

Good news

[genetic]

Finally! seems like SAA is slowly getting itself out of the manure again.

[dlk001]

Interesting comment on the SWC!

Mzimela has no doubts profits will improve in the current year, even though traffic has been subdued since the year end. It appears that the Fifa World Cup was actually negative for SAA. While some tourists came in from foreign climes, the normal flow of business people and tourists stayed away during the period.

[Bosvark@]

pretty good - surprising result...

[Ockie]

Cool...now buy us one of those A380 babies! grrrrrrrrr. :-)

[ToAsTeD]

Excellent news. Although at the price of their tickets it explains alot.

[Maddmatt]

When I flew with them 9 months ago I could tell they cut costs by giving us sandwiches that had past the "best before" date by a day
They were edible but it still seems dodgy.

[Sting]

... waits for reports of bonuses paid to top management and directors.

[BBSA]

... waits for reports of bonuses paid to top management and directors.

Which should be fine, the problem is then they make big losses and still get bonuses.

[Sting]

Which should be fine, the problem is then they make big losses and still get bonuses.

With parastatals big swings from loss to profit from year to year normally means some creative bookkeeping... come next year there are huge losses and us taxpayers have to bail them out again!

[Fudzy]

Bring in some better cooks. Nothing worse than being stuck on a 12 hour flight with one sucky meal after another.

[Sting]

With parastatals big swings from loss to profit from year to year normally means some creative bookkeeping... come next year there are huge losses and us taxpayers have to bail them out again!

Sorry for 48 hour delay... but I only made the connection this morning.

The current CFO od SAA is the ex-CFO of Telkom, Kaushik Patel.

[Chicken Boo]

Is it time to decide on management bonuses again?