South African Airways reports "surprise" profit for FY2008-09
South African Airways reports the following financial highlights for the 12 months ended 31-Mar-2009 (Afrol News/Earth Times, 28-Sep-2009):
- Revenue: USD3,230 million, +19% year-on-year;
- Operating profit: USD255.9 million, compared to a loss of USD9.7 million in the previous corresponding period;
- Net profit^: USD53.6 million, compared to a loss of USD134.6 million in the previous corresponding period.
- ^Includes USD54.8 million credit from the reversal of “the 2004 impairment of pre- delivery payments paid to Airbus” for 20 new aircraft;
- *Based on the conversion rate at USD1 = ZAR7.43
South African Airways: "SAA managed to not only survive these turbulent conditions but also to post a strong operational turnaround which was due largely to the deep and fundamental restructuring the airline embarked upon in 2007. Flight frequencies on certain domestic and international routes have already been reduced and cutbacks on flight frequencies are foreseen for the rest of the year," Chris Smith, Acting CEO. Source: Afrol News, 28-Sep-2009.