South African Post Office collapsing

mylesillidge

mylesillidge

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Tell me something we don't know already.... It's hilarious how the government tries for nothing to rescue with too little and dtoo little.... Enough could have been done long ago at the beginning when the writing was on the wall.....
 
The Post Office reported revenue of R1.6 billion, 30% lower than the comparative period. This was attributed to a decline in postal service, parcel, and financial services revenue for the year.

Positively, the state-owned company’s total operating expenses declined in the period, with the SAPO reporting R4.8 billion in operating costs, 8% lower than the prior year. This is due to a reduction in staff costs and transport costs.

Surprisingly, despite its significant decline in revenue, the SAPO reported a net profit of R5.30 billion, a significant swing from the R2.12 billion net loss it recorded the previous year.

The Post Office also returned to solvency in this period, having been technically insolvent in the two years prior. Now, its assets outweigh its liabilities, and the SAPO’s equity is positive.

However, the company also reported having made an operating loss of R2.17 billion for the year, a slight improvement from the R2.19 billion operating loss seen the year prior.
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How do you get a net profit of R5.3 billion off of revenue of R1.6 billion? How do you generate a net profit of R5.3 billion off an operating loss of R2.17 billion. No wonder they're in such a mess if this their standard of accounting.
 
its not "in front of our eyes" if its basically been obsolete for the past 15 years
 
deweyzeph said:
How do you get a net profit of R5.3 billion off of revenue of R1.6 billion? How do you generate a net profit of R5.3 billion off an operating loss of R2.17 billion. No wonder they're in such a mess if this their standard of accounting.
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Bail out... Numbers check out.

Lost 2.2bn running the business, so financing must have been almost 8bn positive - - I. E. Gov wrote off debt.
 
Lies, lies and more lies.

The SAPO has collapsed for all intent and purpose by mid 2019 as you still got packages, but by 2020, no packages was being delivered or available for collecting.
 
Um, it's been collapsing since the 1990s...
 
Anything any Gov touches to make it profitable to shite. Period. It's a known fact. Was wondering the same thing about a net profit of R5.3 billion off of revenue of R1.6 billion.
 
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