The SABC’s 2016 accounts are splashed in red ink. The public broadcaster revealed on Thursday that it reported a R411m net loss for the financial year.
The loss is a worsening of the broadcaster’s performance in the previous financial year, when the net loss was R395m.
“I know some expected the losses to be in the billions. I am sorry to disappoint,” acting CEO James Aguma reportedly told journalists at the unveiling of the results.
According to News24, Aguma attributed the 2016 financial year loss to the SABC having to cover former President Nelson Mandela’s funeral, the Rio Olympics and other events of national importance.
Other factors contributing to the loss were that it got less than 3% of its funding from government, growth in post-retirement service costs and the impact of tax adjustments arising from previous years, News24 said. Also, annual salary increases had been higher than normal. — (c) 2016 NewsCentral Media