SABC declares R343m profit

2012-10-12 06:51

Parliament’s portfolio committee on communications was told that the SABC had made a net profit of R343 million in the 2011/2012 financial year.

“This was achieved against a target of R225m as set out according to the conditions of the government guarantee given to the SABC,” spokesperson Kaizer Kganyago said in a statement.

The SABC increased its revenue by 7% and reduced operating spending by 2%.

However, it failed to meet government guarantee targets on reducing its staff.

“The SABC also informed Parliament that the organisation’s financial situation is liquid, with R1 billion in cash reserves,” Kganyago said.

It told the committee it was ready for the transition to Digital Terrestrial Television.

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