Johannesburg - The SABC has halved its losses over the past financial year but has failed to meet performance targets, the broadcaster reported on Thursday.
"It has failed to meet performance targets associated with a R1bn loan guarantee from the government...the corporation's 2009 to 2010 annual report has just been tabled in parliament," SABC radio news reported.
The SABC board said austerity measures had cut the losses for the year to R414m from R851m the previous year.
Revenue increased by 1% to R4.8bn and directors hope for a return to profitability by 2012.
Financial director Robin Nicholson was reported saying 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 which had enabled the SABC to borrow up to R1bn, Nicholson said. He added that this was because of "unforeseen expenditure and not meeting 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 had three different boards.