RTVE reports losses of €33.5MN


Details

Juan Fernandez Gonzalez

| 09 February 2016




Losses of €33.5 million may seem like a terrible yearly result, but for Spain's RTVE this represents a 70% deficit reduction.



In its 2015 report, the country's public broadcaster said it has spent €40 million less than initially expected, managing to keep within its budget for the first time in three years.

“Losses, even if less than expected, are of €33.56 million due to the reduction in the telcos' contributions, which have not been compensated by the government,” explained the public broadcaster. “But it's the first time in three years a balanced result has been achieved.”

In spite of less income from the telecom industry, RTVE managed to invoice €49.3 million from its commercial operations, the highest since advertising was banned from the TV network.

Even though the structural deficit was reduced, RTVE spent €15 million more in salaries and external workers than had initially been budgeted for.