South African Airways (SAA) recorded a net loss of ZAR5.4 billion ($438 million) for the 2016-17 financial year, which ended March 31. The loss was more than three times greater than 2015-16’s restated figure of ZAR1.48 billion. SAA attributed the results to a combination of factors, including a depreciation of the rand against overseas currencies, together with a “fiercely competitive environment” in both the domestic and international markets that resulted in declining ...

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