/ 13 September 2010

SAA posts pre-tax profit of R596m

South African Airways (SAA) posted a pre-tax profit of R596-million for the year ended March 2010, the group said on Monday.

“It has been an exceptionally tough year for the aviation industry globally,” recently appointed CEO Siza Mzimela told a results presentation in Kempton Park, east of Johannesburg.

However, hedging losses declined to R120-million from the previous year’s R1,04-billion, while cash generated from operations increased significantly to R1,7-billion from a deficit of R1,8-billion in the previous year.

“We are also happy to report that at the end of the financial year we were able to resolve our long outstanding issue with the Airbus A320 agreement,” Mzimela said. — Sapa