Post Office on target, needs another cash injection
The South African Post Office (Sapo) was expected to make a net loss of R1.1bn in the current year, Sapo CEO Mark Barnes told MPs on Tuesday. This was more or less in line with the net loss of R1.2bn set in its corporate plan. Total revenue of R3.6bn was earned in the period to end-December — against the corporate plan target for the full year of R6.8bn. Telecommunications and Postal Services Minister Siyabonga Cwele said in opening remarks at a meeting of Parliament’s telecommunications and postal services portfolio committee on Sapo that the organisation was not out of the woods yet, but was "on the road to recovery". Cwele said the organisation needed a further recapitalisation in addition to the R600m cash injection it received last year from Treasury. This came late and suppliers had refused to offer services. Vacancies on the Sapo board, including the chairman, would be filled over the next few months, Cwele reported. A new chief financial officer had been appointed and a chie...
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