Finweek English Edition - - THE WEEK -

The SABC has suf­fered a loss of R411m in the 2015/16 fi­nan­cial year, with act­ing CEO James Aguma blam­ing the lo­cal elec­tions and un­planned events of na­tional in­ter­est that were not bud­geted for, such as funer­als of promi­nent South Africans, for the poor per­for­mance. Aguma told Par­lia­ment’s com­mu­ni­ca­tions com­mit­tee the so­cial re­turns of these events could not be cal­cu­lated in num­bers, re­ported. News cost the strug­gling broad­caster R876m and sports rights R573m, while pro­duc­tion costs amounted to R187m, it re­ported. Its cash re­serves de­clined from R1bn in 2015 to R881m at the end of the 2016 fi­nan­cial year.

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