South Africa Airways reports record loss

South African Airways

South Africa Airways

South Africa Airways
South Africa Airways
State airline, South African Airways (SAA) on Friday, revealed a record loss of 4.67 billion rand (330 million dollars) for the financial year to March 2015.

According to financial results presented to parliament, the Star Alliance sales during the period were 30 billion rand.

In 2014, the company posted a loss of 2.56 billion rand.

However, struggling SAA has delayed the publication of the latest results several times.

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Meanwhile, without state loan guarantees worth billions, the airline would have been declared bankrupt.

In addition, the next financial results are also expected to show large losses, for the fifth year in a row.

The leading opposition party, the Democratic Alliance, has accused the government of President Jacob Zuma of serious mismanagement, and has called for the company to be privatised.