South African Airways re-negotiates leases on eight A340s

South African Airways (SAA) has renegotiated lease re-extensions on three Airbus A340s and is working on similar deals for another five, which are expected to cut R262 million ($22.5 million) in annual costs.
The deal on the first three aircraft is already delivering a positive impact of R112 million annually and the agreement on the other five is expected to yield additional savings in excess of R150 million later this year.

SAA is now 60 days in to its 90-Day Action Plan, which aims to deliver a R1.25 billion operating performanceimprovement for the financial year ending March 2016. “The strong implementation progress that is being made on the 90-Day Action Plan has seen tangible steps taken to fundamentally change SAA in financially quantifiable ways,” acting SAA CEO Nico Bezuidenhout said.