State-Owned Airports Company, ACSA has reported a revenue loss of R2.6 billion for the last 12 months from a R1.2 billion profit in the previous financial year. The company says the poor results reflect the devastating impact of COVID-19 on the tourism and aviation industry.
CEO Mpumi Mpofu says ACSA’s passenger figures for the year fell by 78 percent from 21 million to 4.6 million. Total air traffic movements declined by 60 percent. This is only the second loss reported by the company in its 28 year history.
“The COVID-19 pandemic has been the worst we’ve seen with its devastating impact on the global economy and particularly its adverse impact on ACSA and our performance. We moved very quickly in response, to implement cost reduction initiatives which included reduction of our CAPEX and differing of key programs, headcount rationalisation through voluntary severance packages and early retirements. Disposing of our assets in Brazil and India,” says Mpofu.
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