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Taxpayers will have to fork out billions for Covid-19, SOEs tell parliament

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State entities, including the SABC, Denel, Airports Company SA (Acsa) and the Post Office, have requested billions of rand in funding from the taxpayer to help them weather the coronavirus storm, says the National Treasury.

The Treasury told parliament the SABC had reported a preliminary loss of R489m for the year ending March 2020.

Because of Covid-19, the R304m generated in June 2020 is 83% below what was generated in June 2019. “Loss of revenue has resulted in losses of R492m in June 2020, whereas profits of R380m were generated in June 2019.” The Treasury said Covid-19 has worsened Denel’s financial position and has contributed to its inability to honour financial obligations as operations have come to a standstill, namely payment of salaries, creditors, statutory payments and debt payments .

 

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