Latest news with #Maistry
The Citizen
2 days ago
- Business
- The Citizen
SAA is bleeding money
SAA suffered a net loss of R354m, after R210m profit the previous year. The recovery of the airline as a global aviation brand is on track, says its CEO. Picture: Moneyweb Transport Minister Barbara Creecy's words that South African Airways (SAA) was finally in a position to contribute economic value weren't even cold when audited financial results for the financial year indicated the opposite. While the company generated revenue of R7.0 billion – a 23% year-on-year increase – the group also reported a net loss of R354 million, compared to a profit of R210 million in the prior year, SAA spokesperson Vimla Maistry said. SAA's financial standing This follows the annual general meeting on 17 July, which received the audited financial results for the year ended 31 March 2024 (FY2023-24). 'Besides the R415 million foreign-currency translation loss due to the rand's volatility, these results reflect the impact of exogenous factors on the airline,' Maistry said. 'This includes the effects of the Ukraine conflict, which pushed jet fuel costs from R1.3 billion to R1.9 billion; a global shortage of aircraft, which drove leasing costs up by over 30% in 2023; and delays in the delivery of budgeted aircraft, all of which negatively impacted revenue and Ebitda (earnings before interest, taxes, depreciation and amortisation). 'The latter declined from a positive R436 million in the prior year, to a negative R90 million.' Maistry said SAA's cash and cash equivalents position remained strong at R1.4 billion at the end of FY2023-24. The airline has zero borrowings and R6.4 billion in equity. 'Despite global aircraft availability constraints, during 2023- 24, SAA operated on average, with a fleet of 10 aircraft serving 15 destinations. The number of flights flown increased by 42%, with a significant increase in flights into Africa and routes from Johannesburg and Cape Town to Sao Paulo starting in the second half of the financial year,' she said. ALSO READ: Man who stole airport equipment that prevents mid-air collisions sentenced to 10 years Uncertainty in SAA's resuscitation SAA Group CEO John Lamola said the results detail a past phase of uncertainty in the airline's resuscitation. 'Since then, we have entered a period of structured and strategic reconstruction of the business, focusing on institutionalising robust governance and management systems, while implementing plans on fleet modernisation and route network expansion,' he said. Lamola said the financial statements mark the last of the outstanding audits from the business rescue period, with all prior-year adjustments resolved. 'SAA recognised a R431 million gain by derecognising business rescue creditor obligations and recording this amount as sundry income,' he said. 'However, the auditors concluded this amount should have been recognised as a prior-period adjustment to retained earnings, rather than in sundry income in the current year. 'As a result, the group's net result has been restated from a profit of R71 million to the reported loss of R354 million.' ALSO READ: SAA hit by 'significant' cyberattack disrupting internal operations 'They got money for mahala' Lamola said to reinforce its financial reporting, SAA's board has launched an Audit Health Plan that standardises key controls, expands internal audit capacity and strengthens collaboration with external auditors. 'After six consecutive audits in three years, SAA is firmly back on track to meet all statutory reporting deadlines and to devote its efforts towards improved audit outcomes,' he said. Economist Dawie Roodt said it was 'a big mess' that could no longer be whitewashed. 'I don't know what the accounting error is, but I suspect it has to do with impairment. Usually, if there are assets that you think you can't realise, then you write off the assets.' Roodt said SAA got an equity injection to try to rescue it. 'They got money for mahala. They tried to whitewash it,' he said. Political expert Piet Croucamp said bookkeeping got the better of the chief financial officer at SAA. 'It just proves what we have been saying for years. SA should not have a national carrier. They neither have the political will, nor the skills to manage the entity. 'They keep on trying and the public is paying for it,' he said. READ NEXT: SAA slips back into loss as fuel and plane leasing costs spiral
The Citizen
11-07-2025
- Entertainment
- The Citizen
Radisson Red Johannesburg-Rosebank's head chef curates tongue wagging winter menu
Executive head chef of the Radisson Red Johannesburg-Rosebank Keegan Maistry is inspired by an environment that cherishes creativity as much as it does happy travellers, and the proof is no doubt in the pudding. The 38-year-old, who joined the team last year, has set patrons' tongues wagging with a menu especially curated for this winter season. 'I've incorporated global trends, some local trends, good comfort-food, as well as something that I call a 'chef's playground' which is where I get really creative.' The KwaZulu-Natal born foodie rubbed shoulders with Michelin-star chefs in New York and Florida, and believes it is important to keep up with international trends, especially because he works at a restaurant which hosts many foreign visitors. Also read: Hone your sewing skills with the Union for Jewish Women's sewing programme While warmth is the overriding theme amid Johannesburg's traditional big freeze, Maistry has taken the hotel's modern, funky feel to heart, offering guests an unmistakable taste of his imagination. The Rosebank landmark has become synonymous with showcasing works by famous artists, an element that further motivates Maistry to let his creative juices run free in the kitchen. One of his creations is Ramen on Fire, a top-seller comprising spicy noodles, chilli oil made in-house, chicken broth, a soft-boiled egg, and grilled chicken thigh. Also read: Telkom Foundation continues Mandela's legacy through its work Maistry is especially pleased that his Seafood Solo Act: a boil of crabs, mussels, calamari, prawns, potatoes, eggs, and corn served in a plastic bag, is hitting the mark with the hotel's winter clientele. Follow us on our Whatsapp channel, Facebook, X, Instagram, and TikTok for the latest updates and inspiration! Have a story idea? We'd love to hear from you – join our WhatsApp group and share your thoughts!
IOL News
02-07-2025
- Science
- IOL News
Durban teen Tristan Maistry joins prestigious 2025 Summit STEM Fellowship
The fellowship connects ambitious young learners with top mentors from Harvard University, Stanford University, Massachusetts Institute of Technology and Princeton University to empower the next generation of leaders in STEM (science, technology, engineering, and math). Maistry joined the programme from June 22. It runs until July 12 and provides an in-depth, sustained learning journey that includes workshops, mentorship sessions, and project work. Out of over 3 000 applicants from 90 countries, Maistry's passion, innovation, and dedication secured him a place among the world's future changemakers. Tristan Maistry, a Grade 10 pupil at Curro Embury, was selected to participate in the 2025 Summit STEM Fellowship Programme. A Durban teenager has been selected for a prestigious international fellowship that empowers the next generation of leaders in science, technology, engineering and maths. Maistry, 15, from Morningside, said he was honoured to have been selected through a stringent process. "Knowing that I am part of a small, passionate group of learners who share a love for STEM is very inspiring. It motivates me to make the most of this opportunity and to contribute meaningfully to the programme," he said. Maistry said from a young age he had an aptitude for maths. He said he applied to be part of the Summit STEM Fellowship because it offers an exciting opportunity to develop STEM skills beyond the classroom, engage in hands-on projects, and learn from industry leaders. "I was eager to challenge myself and grow through this experience. It also helps me to build a strong professional network. I have access to mentors and experts who I can reach out to for guidance and to discuss future STEM developments that I'm passionate about," he said. He said the fellowship covers a wide range of topics, including coding, engineering, data science, and innovation principles. Maistry added that it also focuses on leadership development, problem-solving, and preparing learners for future STEM careers through mentorship and exposure to real-world challenges. "It has been an incredible experience so far. I've particularly enjoyed the collaborative projects and the exposure to new technologies and problem-solving techniques. "One of the most interesting things I've learned is how to approach complex problems by breaking them down into manageable steps, which is a skill that will benefit me in any career," he said. Maistry said they have engaged in science trivias and on weekends have been able to chat to different mentors about anything that they are concerned about and want to know. "It is interesting to hear how people in different fields got to where they are and the challenges they faced. "It is about how you use the information taught and the skills learned to make a difference in your work and get involved in your community," said Maistry. He is considering studying actuarial science, engineering, mathematics or to become a chartered accountant, after matric "I am passionate about technology and innovation. This programme has strengthened my interest in these fields," he said.
