SABC reports R4m net lo

--

SABC reports R411m net loss --

Fri, 30 Sep 2016 09:34

--

Reported on News24, the SABC announced a R411m net loss for the 2015/2016 financial year on Thursday, 29 September 2016, a slightly bigger loss than the previous years.

I know some expected the losses to be in the billions. I am sorry to disappoint, acting chief executive officer James Aguma told reporters.

In the 2014/2015 financial year it reported a R395m loss.

Aguma attributed the current loss to that the SABC had to cover events of national importance, including former president Nelson Mandelas funeral and the Rio Olympics.

Covering Mandelas funeral cost a handsome sum of money. Reporting on such events provided a huge social return on investment but a negative financial return.

Other factors contributing to the loss included the growth in post-retirement service costs, the impact of tax adjustments arising from previous years and that the SABC got less than 3% of its funding from government.

He said the broadcasters annual salary increases had been above the norm. It used private sector wage increases as its benchmark.

We are a very good employer, Aguma said.

The Auditor General gave the SABCs financial statements a disclaimer in 2013. In the years since then the financials have improved to a qualification. In the current year the SABC had a qualification relating to irregular, fruitless and wasteful expenditure.

Source: News24

Related Articles

SABC journalists battle to get back to work after court victoryJournalists refused entry into work at the broadcasters offices, despite the Labour Court ruling that their dismissals were unlawful...

Read more...

Labour Court rules in favour of four fired SABC journalistsLabour Court has ruled that the South African Broadcasting Corporation must reinstate the sacked journalists...

Read more...

SABC interdicted from enforcing censorship decisionThe Helen Suzman Foundation and the SABC reached a settlement on Wednesday 20 July 2016. The SABC conceded...

Read more...

SABC responds to CCC of ICASAThe SABC has issued a statement announcing that it is still engaging the CCC of ICASA over its recommendations and whether these recommendations have been properly endorsed by the ICASA Council...

Read more...

SABC CEO Jimi Matthews resignsVeteran journalist and SABC acting CEO Jimi Matthews tweeted a copy of his resignation letter on Monday morning...

Read more...



-- --

-- --

-- Please enable JavaScript to view the comments powered by Disqus. comments powered by Disqus

LINK:	http://www.screenafrica.com/page/news/business/1660378-SABC-reports-R4...
	See more stories from screenafrica

Most recent headlines