SABC halves losses, misses performance targets

2010-10-01 08:35

The SABC has halved its losses over the past financial year, but has failed to meet performance targets, according to the state broadcaster.

“It has failed to meet performance targets associated with a R1 billion loan guarantee from the government. The corporation’s 2009/10 annual report has just been tabled in Parliament,” SABC radio news reported yesterday.

The SABC board said austerity measures had cut the losses for the year to R414 million from R851 million the previous year.

Revenue increased by 1% to R4.8 billion and directors hoped for a return to profitability by 2012.

Financial director Robin Nicholson reportedly said that financial management was being improved after audits last year found “slack controls and wasteful spending”.

The corporation did not meet its performance targets set out in the government guarantee that had enabled the SABC to borrow up to R1 billion, Nicholson said, adding that this was because of “unforeseen expenditure and failure to meet sales targets”.

SABC chief executive Solly Mokoetle said the year under review was characterised by a crisis that saw management and the board at loggerheads.

Board chair Ben Ngubane described it as an extraordinary year in which the company had three different boards. 

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