The SABC posted a R411 million net loss this year, and blames Nelson Mandela and government.
The public broadcaster pointed to “expenditure incurred on unforeseen events of national interest” and “less than three percent funding from government” among some of the reasons for the multi-million rand loss.
The last time the SABC made money was in the 2013/14 financial year when it recorded R358m net profit.
In 2014/15, the SABC suffered a loss of about R400m.
Acting chief executive, James Aguma, said events like the state funeral of Madiba, which was out of the reporting financial year in December 2013, had increased their expenditure.
“Investment in mandated sports and other events also yielded negative returns. We also had an impact of tax adjustments arising from correction of prior years’ financials,” Aguma said.
The SABC’s current liabilities stood at R1.7 billion by the end of March, up from R1.4b. Aguma said operating costs had increased, outweighing revenue.
The cost of news went up to R876m, production to R187m and buying of sports rights to R573m.
Despite this, Aguma admitted the broadcaster had paid bonuses and commissions to the commercial enterprise executives and staff, because “they are our rainmakers”.