SABC records R395m loss in last financial year

Investment

Johannesburg - The public broadcaster South African Broadcasting Authority (SABC) recorded a R395m loss in the last financial year.

During a media briefing announcing the organisation's 2014/2015 annual results, SABC CEO Frans Matlala blamed the public's failure to pay television licences as the biggest reason for the financial loss. However, he said the company was not broke.

The SABC currently had R1 017bn in cash reserves.

While this was lower than the R1.4bn at the end of the last financial year, Matlala said the decline was due to some funds being invested in areas like content, employee benefits and converting  contract workers to permanent employees.

News24 reported earlier SABC COO Hlaudi Motsoeneng had received a pay increase of almost R1m in the last year.

His salary rose from R2 872m to R3 784m during the year under review, Democratic Alliance (DA) MP Gavin Davis said. The R912 000 pay rise included a R279 000 bonus.

The information was revealed when the SABC annual report was tabled in Parliament.
Source: News 24