SABC records net loss of R411m
Acting CEO James Aguma says the loss for the 2015/16 financial year is due to many factors.
JOHANNESBURG - The South African Broadcasting Corporation (SABC) has recorded a net loss of R411 million in the 2015/16 financial year, a net asset position of R2.7 billion and cash balance of R881 million.
Acting CEO James Aguma says the loss is due to many factors, imcluding less than 3% government funding and growth in post-retirement service costs.
At the same time, Communications Minister Faith Muthambi has been a no show in Parliament.
Muthambi was meant to brief the portfolio committee on communications on the SABC’s finances.
Muthambi sent an apology for being absent from Tuesday morning’s meeting as she had a prior engagement.
The minister is accompanying President Jacob Zuma to an event in Soshanguve.
The performance and expenditure reports of the SABC for the 2015/16 financial year is being presented by Aguma.
Communications committee chairperson Humphrey Maxegwana says names for the SABC’s interim board will be tabled soon, however the process will not be concluded on Tuesday.
He says this is a long process.
The committee is also expected to hold discussions on the broadcaster’s interim board.