Mark Barnes upbeat on Post Office's return to profitability
Post Office chief tells MPs the state-owned entity recorded a net loss of R1.33bn for year to date
The South African Post Office (Sapo), which has suffered big losses in recent years, still hopes to return to profitability by 2018. Briefing MPs on Sapo’s corporate and annual performance plan on Tuesday, CEO Mark Barnes said the state-owned entity was aiming to return to profitability by 2018, be a leading provider of postal, logistics and financial services and be a key driver of the government’s service delivery objectives. Sapo, which is backed by a government guarantee totalling about R4bn, has struggled to turn its fortunes around following years of mismanagement and service, maladministration and allegations of fraud and rising debt. Barnes, who assumed his role at the beginning of 2016 with a brief to revive the ailing company, said the net financial position still remained challenged with a year to date net loss of R1.33bn, with a negative variance of R186m for the year against a targeted net loss of R1.15bn. In the previous financial year, Sapo recorded a loss of about R1...
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