Cape Town - SA Express has finally tabled its annual report in parliament for the 2010/11 financial year which shows that it suffered a R187m loss in 2010/11 compared to the R81m profit the previous year.
Release of the shock figures was delayed following the outcome of a forensic audit report which was commissioned after accounting errors were found in the annual financial statements.
The audit report revealed weaknesses in internal financial controls which resulted in the withdrawal of the financial statements.
The loss will no doubt give further rationale to an amalgamation of SA Express with SAA which is apparently under consideration by the department of public enterprises.
This loss will also mostly likely be compounded in 2011/12 when airlines globally suffered from rising fuel costs.
Release of the shock figures was delayed following the outcome of a forensic audit report which was commissioned after accounting errors were found in the annual financial statements.
The audit report revealed weaknesses in internal financial controls which resulted in the withdrawal of the financial statements.
The loss will no doubt give further rationale to an amalgamation of SA Express with SAA which is apparently under consideration by the department of public enterprises.
This loss will also mostly likely be compounded in 2011/12 when airlines globally suffered from rising fuel costs.