South African Post Office (Sapo) recorded a R1.1bn final loss for the 2015/16 year, which ended on March 31 2016.
Sapo closed 221 outlets across the country due to the parastatal's financial woes.
Head of retail at Sapo, Geert Bataille, says out of the 221 that were closed due to electricity cuts or outstanding rent, only 34 are now closed permanently.
We didn't pay the rent because we didn't have the money to pay the rent. But obviously this year we have managed to raise some external funding, which we're now applying to settling liabilities we had with employees. We are also using part of that for our operational capital expenditure.— Geert Bataille, head of retail at the South African Post Office
Bataille says they are working on a number of initiatives to turn the Post Office around.
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