South African Airways profits drop

7th Jul 2006

South African Airways’ profits fell by 90 percent from R648 million to R65 million in the financial year to March 31, the company said on Thursday. Addressing reporters and financial analysts in Kempton Park, SAA chief executive Khaya Ngqula said the reason for this was a strike last year, a 51 percent increase in the oil price and competition from low cost airlines.

Nevertheless Ngqula was optimistic about the airline’s future prospects, according to the South Africa Press Association.

“We have a team in place which had paid their school fees…. and are all very keen to prove their worth and to do what this airline is capable of doing, going forward.”

He also said: “we have no one to blame”, and that South African Airways had learnt from experience.


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