SAA blames weaker rand for losses
South African Airways has blamed unprofitable routes and a weaker rand for an operating loss of R991 million ($88.9 million) in the 12 months to March 2013.
The state-owned carrier was most affected by currency changes, according to chief financial officer Wolf Meyer.
Higher fuel costs and competition from Middle East carriers affected SAA’s long-haul routes, all of which were unprofitable, the company said.
Meyer said Middle Eastern carriers capitalising on the liberalisation of the African market had been a factor in restricting SAA’s recovery.
The airline announced last year that all its long-haul flights were loss making, however, it had to retain those routes that were of strategic importance to its shareholder, the South African government, such as the route to Beijing.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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