SAA may not be able to operate airline as a going concern

South African Airways may not be able to continue to operate as a going concern, while the struggling airline has failed to properly record financial information and the value of assets, according to the Auditor General. SAA made a net loss of about ZAR5.6b (US$471m) in the year through March 2017. Liabilities exceeded assets by about ZAR17.8b. “Six consecutive years of operating losses have further eroded the capital base and this continues to impact on the entity’s ability to operate in a highly demanding and competitive environment,” the AG said in the report, which was released Thursday. A turnaround of SAA is among the most pressing items in the in-tray of South African president Cyril Ramaphosa, who has pledged to revive state companies after years of mismanagement and corruption allegations. <br/>