Financial woes at Sapo

Financial woes at Sapo

The South African Post Office (Sapo) CEO Mark Barnes has warned MPs that the postal organization is facing an uncertain future. According to a report published by Business Day Live today (15 April), Barnes told MPs in a briefing to the portfolio committee on telecommunications and postal services that Sapo could face severe financial problems if it does not secure more funding.

Sapo received a cash injection from latest budget, but this was not enough to remove its considerable debts.

Barnes said Sapo was expected to make a loss of R1.2bn in the 2015-16 financial year, which would add to last year’s R1.5bn loss.

 

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