The state-run Mickey Mouse airline suffered a R187m after-tax loss in 2010-11, twice as much as the previous year. It’s annual report was tabled in Parliament – after a delay of 18 months while the airline tried to sort out its accounts.
This reported loss is not exactly the profit of R51m which the airline initially reported in its first round of financial statements. They were withdrawn in November 2011 after ‘accounting errors’ that dated back over a few years.
Reports seem to suggest that these losses continued unabated in 2011-12.
Certainly its time now to kick somebody’s backside?
In 2010 the Board of Directors of SA Express announced with some fanfare that the Harvard Economics graduate Inati Ntshanga (pictured) will take over as Chief Executive Officer of the “growing regional airline SA Express”. “Ntshanga will also serve as Executive Director on the SA Express Board of Directors.” His job was said to be at the time to “development SA Express’ strategy and business development, including the airline’s route expansion and forays into the rest of the African continent”. He succeeded Siza Mzimela, who moved on from SA Express to run the national carrier, South African Airways. Although Siza had some success at SA Express, we cannot really say the same about her short stint at SAA. She resigned last year when it became clear SAA was also in a nosedive.
Surely SA Express should be integrated with the low-cost carrier Mango and the troubled SAA, or do we need to loose another few hundred million at the tax payers’ expense before our dear Minister of Public Enterprises wakes up and smells the jet fuel?
SA Express’ financial misstatements is far greater than previously thought, a recent report says. Inati? Anything to add?
