JOHANNESBURG - The SABC has announced a loss of R411-million for the 2015/16 financial year.

BREAKING: SABC made a net loss of R411m in 2015/16. Cash balance was R1017bn last year, now R881M — Thulasizwe Simelane (@ThulasSims) September 29, 2016

The public broadcaster's acting CEO James Aguma presented its financials in Auckland Park on Thursday.

Aguma said the decrease in the goverment's subsidy was a factor that contributed to the loss. THe SABC received less than 3% of funding from the state.

Aguma; 'Expenditure incurred on unforeseen events of national interest was a big contributor to R411m loss.' #SABC — Thulasizwe Simelane (@ThulasSims) September 29, 2016

Aguma said the SABC said that despite an announcement of profit in 2013, the auditor general put a disclaimer on the broadcaster’s financials.

He said the SABC made remarkable progress in clearing three qualification issues for irregular, fruitless and wasteful expenditure.

Last year, the SABC reported losses of close to 400-million rand.