SAA posts profit and orders A330's
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SAA posts profit and orders A330's
Good news according to said article. SAA posted a profit and ordered A330's for delivery in 2013.
Fin24.com>>Companies>>SAA bucks the trend
Fin24.com>>Companies>>SAA bucks the trend
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If SAA posted a profit, the tax payer should be re-paid....
Have the accounts been posted in the Sunday Times? Then you can see where the 'profits' come from. They may have revalued the assets or something. As they had fuel hedged at $135 a barrel for a big chunck of last yr, I suspect a bit of 'accounts gymnastics' is involved.
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I suspect a bit of 'accounts gymnastics' is involved
Renegotiating a lapsed agreement meant a return on impairment costs resulting in a substantial improvement in equity.
Now Avi8tor understands...
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Ah, I do so love when the peanut gallery goes personal when they run out of real argument.
Please do not try to deny SAA has had it's begging bowl out with the tax payer, for god knows how much money, in the last couple of yrs. Next you will be telling me about HIV not causing AIDS and the garlic cure.
Sounds like accounts gym to me.... I am interested how a deal signed in Sept 2009 would affect year ENDED March 2009 results? Now, I seem to remember passing Accounting1A....
A round of beers on the begging bowl coming out anybody?
Please do not try to deny SAA has had it's begging bowl out with the tax payer, for god knows how much money, in the last couple of yrs. Next you will be telling me about HIV not causing AIDS and the garlic cure.
Renegotiating a lapsed agreement meant a return on impairment costs resulting in a substantial improvement in equity.
I am interested how a deal signed in Sept 2009 would affect year ENDED March 2009 results? Now, I seem to remember passing Accounting1A....A round of beers on the begging bowl coming out anybody?
Last edited by Avi8tor; 30th Sep 2009 at 08:25.
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When most airlines around the world make a profit, SAA loses billions. The last year has to be one of the most challenging years in aviation, airlines are losing billions however SAA makes a profit, the biggest load of BS I have ever heard.
...Or, are they doing some creative accounting to show a profit and therefore sell off the airline after 2010... it may go down the same road that Olympic Airways followed!!
...Or, are they doing some creative accounting to show a profit and therefore sell off the airline after 2010... it may go down the same road that Olympic Airways followed!!
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Creative accounting!
Years ago I attended an SAA luncheon for the travel trade. There were a couple of speeches by the top brass. One thick VdM announced that : "Whilst in the last quarter of last year we lost R55 million Rand, we are pleased that in the first quarter of this year, we can announce a deficit of R120 million Rand." I know it doesn't make sense, that is what he said.
I was sat next to a routes director, who told me that : "We are going to Honolulu for our holiday, we always go there, we like that part of the Caribbean."
Since those days, nothing has changed, the incompetence, nepotism, and inefficiency remain the same, just that those in charge are of a lower reflective index and have names like Nqula instead of van der Merwe.
Years ago I attended an SAA luncheon for the travel trade. There were a couple of speeches by the top brass. One thick VdM announced that : "Whilst in the last quarter of last year we lost R55 million Rand, we are pleased that in the first quarter of this year, we can announce a deficit of R120 million Rand." I know it doesn't make sense, that is what he said.
I was sat next to a routes director, who told me that : "We are going to Honolulu for our holiday, we always go there, we like that part of the Caribbean."
Since those days, nothing has changed, the incompetence, nepotism, and inefficiency remain the same, just that those in charge are of a lower reflective index and have names like Nqula instead of van der Merwe.
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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!
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!
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Aviator,
While I don't deny that SAA has received a fair amount of government assistance, I am just curious if you're still worried about it being YOUR tax money? I recall a similar post a while back where you mentioned that you still had interests in the country that helped fund SAA via your tax despite you living in the sandpit.
Are they still wasting your money or have you managed to divest yourself and are now just complaining as a matter of habit?
PS. No arguments about their creative accounting either.
PPS. I won't be taking you up on the round of beers. If I recall correctly the whole savings drive was done specifically to enable SAA to qualify for a recapitalisation loan.
PPPS. Garlic doesn't help but African potatoes do.
Please do not try to deny SAA has had it's begging bowl out with the tax payer
Are they still wasting your money or have you managed to divest yourself and are now just complaining as a matter of habit?
PS. No arguments about their creative accounting either.
PPS. I won't be taking you up on the round of beers. If I recall correctly the whole savings drive was done specifically to enable SAA to qualify for a recapitalisation loan.
PPPS. Garlic doesn't help but African potatoes do.
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Are they still wasting your money or have you managed to divest yourself and are now just complaining as a matter of habit?
I am still a taxpayer in SA, I have income in the RSA. I also happen to be a voter, so I think I still qualify to have my 5c worth.
I hope then at least you will be joining my call for the total privitisation of SAA then, now its 'turned the corner'?
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All financial assistance provied to SAA by the Gov was in the form of loans or guarentee for loans and therefore has to paid back. So dear bitching Avi8tor your argument is factually flawed. I find it rather amusing that that chip on your shoulder is so big that you even whine when SAA makes a profit. You normaly only bitched about the negative stuff.
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I find it rather amusing that that chip on your shoulder is so big
form of loans or guarentee for loans and therefore has to paid back
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Fin24.com>>Companies>>SAA aims to avoid govt help
This is a nice article. Kinda explains it all. A round of beers on the begging bowl?
This is a nice article. Kinda explains it all. A round of beers on the begging bowl?
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Dear Avi8tor
I see you reside in Dubai. Does the company you work for pay market related prices for it's fuel out of Dubai? Is the CEO of your company also the Commisioner of Cival Aviation?
Don't let the fact that SAA didn't accept you ruin your whole life. It's just not worth.
dh
DH
I see you reside in Dubai. Does the company you work for pay market related prices for it's fuel out of Dubai? Is the CEO of your company also the Commisioner of Cival Aviation?
Don't let the fact that SAA didn't accept you ruin your whole life. It's just not worth.
dh
DH
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I totally agree. Privatize SAA. Let them play on the same field as all other airlines in SA. When you can’t pay your bills you don’t have big brother to run to as SAA always does.
Just my humble opinion .
Just my humble opinion .
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Level playing field???????? Then why doesn't Comair implement BEE as per the laws of the land.
DH and others. Don't bother replying to the anti-SAA trolls. These guys come up with the same *@#$ every time SAA gets mentioned (good or bad). NOTHING they say (irrespective of the number of times they say it) will ever make a difference to SAA, it's employees, its fleet, or the fruit vendor near the airport.
If bashing SAA gives them a sense of meaning and fulfilment then let them to their hearts content. Nothing said on PPRUNE, AfricaAviation, AVCOM etc. will ever have an effect on our lives.
DH and others. Don't bother replying to the anti-SAA trolls. These guys come up with the same *@#$ every time SAA gets mentioned (good or bad). NOTHING they say (irrespective of the number of times they say it) will ever make a difference to SAA, it's employees, its fleet, or the fruit vendor near the airport.
If bashing SAA gives them a sense of meaning and fulfilment then let them to their hearts content. Nothing said on PPRUNE, AfricaAviation, AVCOM etc. will ever have an effect on our lives.