SAA hit by currency and competition woes
South African Airways, Africa’s biggest carrier, had an operating loss of R991 million (US$88.9 million) in the 12 months to March 2013, blaming unprofitable routes and a weaker rand.
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.
Ian Jarrett
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