The Midday Report Live Blog

SAA admits R5 billion loss

SAA has confirmed that it lost over five and a half billion rand in the 2014/2015 financial year. This was revealed on Tuesday when SAA was briefing Parliament's portfolio Committee on its financials.

The airline has now made its financial statements public after two years of not releasing financial reports.

According to EWN parliamentary reporter Gaye Davis, SAA's Chairperson Dudu Myeni arrived an hour and forty minutes late.

Davis says no explanation for Myeni's late arrival was given. However, Mcebisi Jonas, Member of Parliament and Deputy Finance Minister had said before the meeting that Myeni had a doctor's appointment to attend to.

Myeni was recently reappointed as chair of SAA amid claims that she has been supported by President Jacob Zuma.

SAA's financials are one year overdue and according to Davis, in the provisional statement tabled in Parliament last week, the numbers were a billion less than today's figures.

SAA said that about 1.8 billion went to the impairment losses that SAA had to pay for.

Members of Parliament said the airline is technically insolvent, says Davis.

Listen to the full conversation below:

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