Pretoria - The board of the Passenger Rail Agency of South Africa (Prasa) on Thursday presented its 2016/17 financial statement, indicating a comprehensive loss of R928 million - up from R554 million recorded the in 2015/16 financial year.
Group CEO Sibusiso Sithole said they are presiding over an entity that is "broken" and struggling to survive.
"In Prasa, we have inherited not just a broken organisation, but an organisation that is in ICU. For all intents and purposes, we are really an organisation that is struggling to survive. This is manifested at various levels, largely at governance issues. We have inherited an organisation where fundamentally internal controls have been broken," said Sithole.
The state-owned enterprise recorded financial results which are 68 percent worse than the previous year of 2015/16, as well as a reduction in revenue by 12 percent to R2,9 billion, compared to R3,3 billion in 2015/16.
Fare revenue has declined by 14 percent, from R2,7 billion in the previous year to R2,3 billion - a decline of 389 million.