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SABC records huge financial losses in past financial year

The public broadcaster’s net loss for the year ending March 2017 more than doubled from R412 million in 2016.

FILE: The SABC headquarters in Johannesburg. Picture: Supplied

CAPE TOWN - The South African Broadcasting Corporation (SABC) has suffered losses of almost a billion rand in the past financial year.

Its annual report was tabled in Parliament on Tuesday.

The public broadcaster's net loss for the year ending March 2017 more than doubled from R412m in 2016 to R977 million.

The Auditor-General's office says the SABC needs R650 million a month to stay afloat.

The comes as President Jacob Zuma on Tuesday confirmed that he is considering a list of 12 names to serve on the board of the public broadcaster.

Earlier this year, the National Assembly recommended the dissolution of the SABC board and the appointment of an interim board.

The president appointed an interim board in March this year following an inquiry into the SABC.

The board's term has now ended.

All those members have been nominated to serve again.

Last week, Parliament heard that the broadcaster will need R3 billion to turn around its financial position.

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