SABC reduces net losses by 35%

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The South African Broadcasting Corporation (SABC) has reduced its net losses by 35% in the 2018/2019 financial year. The public broadcaster’s board Chairperson Bongumusa Makhathini said this in his opening remarks when briefing Parliament’s Portfolio Committee on Communications.

The SABC board and executives were presenting the annual report for the 2018/2019 financial year.

The SABC has improved its audit outcome from a disclaimer in the 2017/2018 financial year to a qualified audit opinion for the year under review.

Makhathini says the SABC is on a road to recovery.

“If you look at all key indicators they are all showing serious improvement. When you look at the net losses, we have been able to reduce net losses by 35%. Irregular expenditure has gone down. Our expenses have gone down. So, there is a significant improvement and one of the exciting things (is) that we finally got the bailout injection of R2.1 billion. We are still short of R1 billion. So, in essence, the SABC is doing very well. We are bringing the change, the renewal, the rehabilitation process. It is very exciting to be where we are and we are grateful for the support we got from the shareholder and everybody that supported the SABC.”

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