Like clockwork, a profit is posted by SAA after a new CEO is appointed. If history is anything to go by, it is downhill from here onwards.
I agree with the creative accounting theory - the new aircraft order is surely proof of some "bargaining" by the FROGGS.
Another thread is that it seems as if SAA just can not get the fuel / currency hedging correct. If no hedging was done by SAA, they would have made a real profit. AV's currency hedging that went terribly wrong a couple of years ago springs to mind. Have tSAA's management ever hedged anything correctly!