Liabilities exceeded assets at Airline 1time Holdings by R295 million, which casts “significant doubt” on its existence, say auditors Nexia SAB&T.
CEO Blacky Komani, however, has suggested a turnaround plan for the airline. She said: “When you make these losses, they are quite substantial. But what we've done is to approach a South African-based institution to say we need to refinance our fleet, because part of our big loss is based on the leasing costs that are paid in foreign currency. So we make losses on foreign currency conversion, as well as on the interest rate. So we've taken a view that a three-year strategy is what we need to have. Year one, contain the costs; year two, get to break-even point; and year three get to a profitable situation”.
Last chance for Airline 1 Time
