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SAA reports 77% profit jump

Sep 08 2011 16:54 Sapa

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Johannesburg - South African Airways (SAA) made a net profit of R782m in the 2010/2011 financial year, it announced on Thursday.

This was a 77% increase from last year's R442m.

"SAA's financial position and the state of the business continue to show significant improvement," board chairperson Cheryl Carolus said in a statement.

"This financial performance is an encouraging response to the strategic objective to become a fully sustainable business over the next three years... and positioning SAA to compete successfully in the global aviation market in 10 years."

Group operating profit rose by 66% to R807m from the previous year.

Turnover, consisting largely of passenger revenue, increased from R16.9bn to R18bn.

Operating costs rose by 5%.

Public Enterprises Minister Malusi Gigaba said the airline, as a state-owned entity, was mandated to grow as a business while maintaining its role in the country's development.

"It is crucial that SAA continues to support matters of relevance from a shareholder perspective and enhance the state's policy objectives, such as the airlift strategy which seeks to regulate air transport... and the employment creation objectives."

cheryl carolus  |  profit  |  saa  |  malusi gigaba
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