The South African Post Office expects to report a loss of R1,3bn by the end of its financial year in March, it was reported on Monday.
For this and other reason auditors expressed doubts, in the Post Office’s 2014-2015 annual report, that it will still be a going concern by the end of the current financial year, Beeld reported.
The report was handed in to parliament last week, four months late.
Fruitless and wasteful expenditure amounted to R41m and unauthorised expenditure R213,6m. It lost R5,3m to fraud relating to the institution’s treasury, and R5,5m to “commercial crime”.
In the previous financial year it reported a loss of over R358m.
On the positive side, the Post Office is still solvent, with its total assets at 31 March last year exceeding its liabilities by more than R2,3bn. — Sapa