Acsa hit by losses
Johannesburg - The Airports Company SA (Acsa) on Monday reported a net loss of R220m for the 2011 financial year.
In 2010 Acsa made a profit of R901m. Its revenue grew 32% to R4.6bn in the 2011 year.
The results were the last by managing director Monhla Hlahla, who leaves the company at the end of September after 10 years at the helm.
Acsa chairperson Wayne van der Vent said Acsa executive team member Bongani Maseko has been appointed acting MD while a replacement is being sought for Hlahla.
Hlahla said the regulatory regime does not allow Acsa to be adequately renumerated for its assets. Acsa has been involved in a drawn-out disagreement with the regulator on tariff increases.
Hlahla said the aviation industry needs a "reliable, predictable" regulatory regime that would in future allow clarity on determining tariff increases.
Another Financial Debacle.
I suggest ACSA learn from HONG KONG or SINGAPORE AIRPORTS on how to Run them efficiently and profitably.
Let us wait and see how WELL the outgoing MD gets a GOLDEN HANDSHAKE, as is customary for all SA bunles. Pay them out a couple of Millions for Mismanagement, like the ones done at SABC & ESKOM.
I rest my case.
Another instituion runs into the ground by comrades.!!The taxpayers will foot this bill?
That is why the customer will have to fork out 2 x 35% increase in taxes!! Give these guys a great bonus .. for incompetence!!!
Serves them right for letting their staff steal passenger's luggage.
Yeah. I was about to say "Now ACSA knows what we feel like after losing our valuables to their thieving staff."
Yes BUT now we as tax-payers must PAY for the loss !! Only in SA !!! No accountability " we will just simply write it off as a loss and ask government to "bail" us out with tax-payer's money ". Air ticket sales goes up etc. !! Never ending story !!!
They steal our bags ,money on Parking and still making a loss give me a break
'regulatory regime does not allow Acsa to be adequately renumerated for its assets. Acsa has been involved in a drawn-out disagreement with the regulator on tariff increases.' And that's why you build your assets to cater to the market you are in and not your ego. It is basically an admission that the improvement projects to the airports were not economically viable but they did them anyway, knowing that huge losses would allow them to shoe horn higher airport taxes in. Well done, it will be yet another service which experiences 5 x normal inflation, you must be so proud.