Mango’s financial results are finally revealed
On Tuesday, the day state-owned budget airline Mango celebrated its 10th birthday, its parent South African Airways (SAA) was forced to finally reveal to a parliamentary subcommittee that Mango made a R37m loss in its 2016 financial year. This contributed to SAA’s R5.62bn loss for the year to-end March, DA MP Alf Lees told Fin24. SAA has not published financial results since 2014. In September, it told Parliament it made a R4.67bn loss in its 2015 financial year. Lees told Fin24 he was pleased the reports had finally been tabled "after many years of secrecy". "The tabling of these reports comes after the matter was initially raised by the DA in Parliament some two-and-a-half months ago," he said. "Despite a commitment at that time from Deputy Finance Minister Mcebisi Jonas that Mango and other SAA subsidiaries’ reports would be tabled, they were not tabled with the SAA annual reports," said Lees. SAA chairwoman Dudu Myeni handed the state-owned airline’s long-delayed 2015 and 2016 f...
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