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."