With SAX's financial affairs so closely tied in with Transnet I think to use the words "operational profit" and pretend that all is well is a bit misleading. Its always easy to bash anything to do with SAA/SAX and I think that would be bad. BA Citi-Express now BA Connect shows that even BA makes a dogs breakfast of the regional stuff as well.
I just think that a complete fleet replacements of Q400s at nearly $20m per aircraft (they ain't going to get much discount if you look at the the Flybe prices and they ordered a lot more) is going to have to be financed some how, and I'm sure that a private business in the same financial standing would not manage to obtain it.