SA Express returns to profit and plans to expand its regional network and fleet
South Africa's SA Express has reported a net profit of ZAR650,000 (USD65,000) for the 2013 financial year, turning around a restated loss of ZAR365.9 million (USD36.7 million) in FY2012 driven by increased revenue and stable operating costs.
The result marks a return to profitability as the state-owned carrier and member of the South African Airways Group looks to expand its regional network over the next six months and strengthen its feeder support role for South African Airways as well as implement a fleet replacement programme to further reduce costs.
SA Express also reported a 91% reduction in its operating loss to ZAR25.1 million (USD2.5 million) in FY2013. SA Express CEO Inati Ntshanga said: "Though the business is making the right decisions and heading in the right direction, we cannot afford to be complacent as a lot still needs to be done to ensure that we champion a sustainable operational and financial performance."
While selected details of the financial results were presented at the airline's AGM on 25-Sep-2013, neither the full audited accounts nor the annual report have been made public.
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