Mango Airlines going into business rescue

[Jan]

Mango Airlines to be placed into business rescue

SAA interim chief executive Thomas Kgokolo said Mango Airlines, the low-cost arm of state-owned South African Airways (SAA), will be placed into business rescue.

Mango Airlines, trading as Mango, is based at OR Tambo International Airport and is a whole-owned subsidiary of SAA.

 

[rvZA]

Tragic to see all SOE's descending into chaos, bankruptcy and failure. Yet, no lessons are learnt.

 

[Pineapple Smurf]

Tragic to see all SOE's descending into chaos, bankruptcy and failure. Yet, no lessons are learnt.

No accountability as well, no one goes to Jail for failing in business
viva Afrika

 

[RedViking]

Having these multiple threads on the exact same topic is really dumb.

Aaaah ****
Here we go again

Well they never made money I believe. They were thriving in the corruption and free meal tickets of SAA.

They were, in fact profitable, well run, not so long ago. You get rid of the knowledge and experience and nothing can stop you from falling.

Is this profit before or after including the subsidies from SAA?

More money to be dumped into the murky depths of a pit latrine!

I think: https://www.dailymaverick.co.za/opi...of-profitability-that-is-too-good-to-be-true/ is a good read.

The big question is whether Mango being profitable was only because SAA absorbed the losses.

EDIT:
I forgot about this:

SAA reveals financial state of Mango Airlines

Mango Airlines made a net loss of R36.9 million in the year ended March 2016, its most recent financial statements show.

businesstech.co.za

Not 100% sure...

Record profits for Mango

Mango has announced record profits for the year ending 31 March 2014, with a nett profit of R40 million and a before-tax profit of R56.1 million.

www.bizcommunity.com

Read my edit, sorry, updated it just before you posted.

Exactly

 

[Pineapple Smurf]

^ I never read multiquotes
TL;DR

 

[rvZA]

No accountability as well, no one goes to Jail for failing in business
viva Afrika

Yeah, precisely, the best time is now to get into those positions in multi-billion Rand companies, drain them and run them into the ground with absolutely no repurcussions.

 

[MEG101]

I have booked a flight, it was cancelled for no reason, after much fighting they send me a voucher, useless to say the least, no flights available for a long time now, so it was money wasted for me.

 

[rvZA]

I have booked a flight, it was cancelled for no reason, after much fighting they send me a voucher, useless to say the least, no flights available for a long time now, so it was money wasted for me.

Yeah no. Whenever dealing with any SOE in SA, you should always be willing to lose that money. It is exactly like gambling at a Casino. Never go there if you cannot afford to lose your money. You never know if they will be there tomorrow to give you what you paid for.

 

[sandereo]

Tragic to see all SOE's descending into chaos, bankruptcy and failure. Yet, no lessons are learnt.

Any company with BBBBEEEEEE, who knows how many b's and e's they can add, labeling is set for disaster.

 

[CommonSense]

So will more money be thrown at "business resque" and then "the assets" or a 51% stake will be sold to some random company for next to nothing.... then that company will eventually either make money from the SOE to pay for their share or will liquidate the assets and then inform government that they cannot make the payment.

Have seen this movie before. It is just another scheme to make some connected people rich overnight.

 

[TheChamp]

Any company with BBBBEEEEEE, who knows how many b's and e's they can add, labeling is set for disaster.

That would include many private companies who are doing very well despite your claims.

 

[Johnatan56]

Yeah no. Whenever dealing with any SOE in SA, you should always be willing to lose that money. It is exactly like gambling at a Casino. Never go there if you cannot afford to lose your money. You never know if they will be there tomorrow to give you what you paid for.

Kulula did the same thing.

 

[Gordon_R]

Finally:

Mango placed in voluntary business rescue | Business

The South Gauteng High Court on Tuesday approved low-cost airline Mango going into voluntary business rescue.

www.news24.com