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SABC Group CEO Madoda Mxakwe on Tuesday presented the public broadcaster’s 2019/2020 annual results for the financial year ending in March.
FILE: SABC headquarters in Johannesburg. Image: supplied
CAPE TOWN – The South African Broadcasting Corporation (SABC) has reported a net loss of R511 million.
SABC Group CEO Madoda Mxakwe on Tuesday presented the public broadcaster’s 2019/2020 annual results for the financial year ending in March.
The net loss was down 6%, while the total income fell 12% to R5.7 billion.
Mxakwe emphasized that the public broadcaster was going through its phase of change.
“An organization that is going through a phase of transformation behaves differently. We moved in 2017, where we had net losses of R1.2 billion, we traveled to R444 billion and now we are at R511 billion year-on-year at R5.7 billion, ”he said.
He said total revenue was down, but it was a 20% better performance compared to budget.
“This decrease is largely attributed to a decrease in advertising spending in the industry, but also to the delay in the completion of some of SABC’s trade partnerships on digital platforms,” Mxakwe said.
Television licensing revenue fell 18% year-on-year to R791 million as a result of tough economic conditions and the delay in using debt collection agencies.
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