Future of South African Airways In Doubt After Years of Losses – Skift

South African Airways may not be able to continue to operate as a going concern, while the struggling state-owned airline has failed to properly record financial information and the value of assets, according to the Auditor General.

SAA made a net loss of about 5.6 billion rand ($471 million) in the year through March 2017, according to a document signed by AG Kimi Makwetu. Liabilities exceeded assets by about 17.8 billion rand, it said.

“Six consecutive years of operating losses have further eroded the capital base and this continues to impact on the entity’s ability to operate in a highly demanding and competitive environment,” the AG said in the report, which was dated Dec. 8 and released Thursday.

A turnaround of SAA is among the most pressing items in the in-tray of South African…

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