Cape Town – SAA’s losses have escalated once more - to R4.5bn. This is R1bn higher than reported just ten days ago.
In the latest group income statement that SAA provided to Parliament’s standing committee on finance, it said the national carrier posted a loss of R4.490bn versus a budgeted loss of R1.4bn.
“It is important to highlight that the budgeted loss did not take into account the expected movement of the exchange rate,” SAA said in an introduction to the income statement. "This was because of the volatility it can present to the financials of the company; the best practice is not to budget for it."