South African Airways (SAA) chief restructuring officer Peter Davies commented on the future finance strategy of the carrier (moneyweb.co.za, 03-May-2018). Mr Davies stated SAA is a "good airline but a bad business", adding the carrier has been "allowed to develop into some poor processes and procedures over many years through no one's particular fault". Mr Davies noted SAA's balance sheet is "in a very poor position", with the carrier currently unable to turn sufficient profit to cover debt. He added a figure of ZAR20 billion (USD1.6 billion) p/a estimated by South Africa's Deputy Minister of Finance Mondli Gungubele is a "correct figure" required to break even by 2021.
SAA chief restructuring officer: SAA a 'good airline but a bad business'
4 May, 2018