SABC suffers R411 million net loss

The SABC has posted a net loss of R411 million, the public broadcaster said on Thursday.

Adding to this net loss are among others expenditure incurred on unforeseen events of national interest; investment in mandated sports and other events yielding negative returns; as well as less than 3% funding from government.

SABC Acting CEO James Aguma told a media briefing on Thursday in broadcasting they incur expenditure, but do not receive the advertising or government grant to match it.

Aguma said even when there is no revenue, the SABC must still broadcast.

“Despite this loss, we still have cash and have a net asset position. There is no creditor or employee who has not been paid,” he said.

The national broadcaster’s net asset position stood on R2.7 billion.

On the loss he said the SABC has to keep a focus on its mandate. “We have a provincial presence, report on governmental sports and in 11 languages. Whether it gives you revenue it does not matter, we just have to do it. We covered elections and it does not give revenue.”

He said because the SABC is a public broadcaster they have a jobs mandate imposed by the state.

“We are not complaining about the mandates imposed by us by the state and Icasa.

“We must consider the social return, not just the economic return on investment.”

News24

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SABC suffers R411 million net loss