THE SA Post Office (Sapo) is making gradual progress and there is light at the end of the tunnel, but it remains long, CEO Mark Barnes said on Tuesday, ahead of a briefing to Parliament’s portfolio committee on telecommunications and postal services.The committee received presentations on the first quarter performance of all the state owned entities falling under the Department of Telecommunications and Postal Services.Barnes said confidence was slowly being built up within the Post Office and that the first quarter results did not truly reflect its current situation as it only received a R650m cash injection from the government towards the end of the first three month period.In the first quarter, a net loss of R259m was recorded, a R26m improvement on the same period in the previous year.Overall revenue of R1,2bn was 79% of budget and was 5% (R62m) lower than the same period in the previous year.Operating expenditure of R1.4bn was R298m below budget and 7% (R110m) lower than the sa...
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