Sama to cease operations on 24-Aug-2010; 1time predicts lower earnings per share
Unlisted Sama's CEO, Bruce Ashby, confirmed reports the Saudi Arabian LCC will cease operations from 24-Aug-2010 until further notice, as the company failed to receive government support and efforts to find strategic investors to invest in the company failed. The decision was taken after the airline recorded a loss of ZAR1 billion (USD266 million), as the carrier suffered from heavy losses between Oct-2009 and Mar-2010, due to declining airfares and reduced passenger demand.
