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Johannesburg - - State-owned airline South African
Airways (SAA) on Wednesday said it had turned around its business, posting a R123m net profit for the year to end March 2008.
But this figure excludes restructuring costs of R1.3bn, which,
once taken into account, means that the airline posted a loss of R1.1bn.
Total revenue was up 9% from R20.7bn in FY07 to R22.5bn in FY08.
SAA chief financial officer Kaushik Patel said this was due to an increase in load factors, the proper scheduling of its flights, increases in average airfares and fuel levies.
Total operating costs including restructuring costs were 12% higher than last year at 23.6 billion rand versus 21.2 billion rand.
Patel said if the restructuring costs were stripped out, operating costs would have escalated by 6.6%.
- I-Net Bridge