It get's worse - profits down 90% but performance bonus payments are doubled -
Total performance bonus payments to staff at the state airline South African Airways rose to R37.6m in the 2005/06 financial year, up from R24.7m in 2003/04 and just R15.4m in 2001/02, according to Public Enterprises Minister Alec Erwin. Responding on Wednesday to a written question in parliament from Democratic Alliance MP Manie van Dyk, the minister also noted that the net profit according to the annual report for 2006 was R65m, down from R648m in the previous year. However, a net loss of R8.7bn was recorded in 2004. SAA made an attributable loss of R652m in the six months to end-September 2006. Operating costs rose from R16.1bn in 2004 to R16.3bn in 2005, to R19.3bn in 2006. Revenue rose in this time from R16.3bn to R17.1bn to R19.4bn.
Gravy train? Who said gravy train?
4HP