CAPE TOWN – On Tuesday the 4th of September, public broadcaster reported a net loss of R622 million for the 2017/18 financial year, compared with R977m in the previous financial year.
"The turnaround strategy that was developed subsequent to the financial year end is designed to ultimately return the corporation to its financial stability," it said in a statement.
"We have developed a robust turnaround strategy which focuses on financial sustainability, restoring the integrity, credibility and culture of excellence in the public broadcaster. We continue on a drive to stabilise the SABC financially, through the reduction of operating costs."
However, even though it suffered a big loss the executives and senior management received over R1 million in total remuneration for the year.
As part of the annual report, the SABC is required to disclose the pay its executives receive.