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SABC posts R343m profit

Oct 12 2012 07:53

Johannesburg - Parliament's portfolio committee on communications was told on Thursday that the SABC made a net profit of R343m in the 2011/2012 financial year, the state broadcaster said.

"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 R1bn in cash reserves," Kganyago said.

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

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