As for the healthy profit - I doubt it, more like creative accounting.
Believe what you like - the "Smoke and Mirrors" theory is only supported from the outside. The guys/gals on the inside "know" the real situation.
I have seen the figures presented to Transnet and DPE (prepared by external auditors and cross-checked by Transnet).
They are GOOD!
In fact, Actual Performance versus Budget forecasts for 2006/2007 Financial Year range between 9% and 44% exceedance, depending on which you are looking at.
Some "teazers" which the Business Day will never publish (as these do not sell as many newspapers as all the negative publicity):
Actual Revenue for 2007 = 36% Higher than 2006
Operating Profit for 2007 = 44% Higher than 2007 Budget
Actual Cash Flow = 26% Higher than 2007 Budget
Job Security? Well, let's just say that at the moment SAX is finding it difficult to find "enough" suitably Qualified pilots to employ....
