South Africa's cash-strapped state-owned carrier SAA may have kick-started a turnaround strategy that will see the business break even in 2020 but industry pundits still believe the state needs to cut its losses and privatise it. Speaking at a presentation on Thursday, CEO Vuyani Jarana said SAA was not attractive for any strategic partner at the moment and would need to first transform, which would take about two or three years. The group reported a 23% drop in its market share and a R5.6-billion loss in its 2017-18 annual financial results. The results come against a background of poor management and a lack of accountability for several years during the presidency of Jacob Zuma. In an attempt to clean up state-owned enterprises, President Cyril Ramaphosa's government has emphasised that the culture of dependency on Treasury bailouts must end. Finance Minister Nhlanhla Nene, who attended the results presentation after the business had its first annual general meeting since October ...
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