RTVE reduces losses to €33.6m

Spanish public broadcaster RTVE has posted a 2015 loss of €33.6 million (US$37.5 million), though this represents a 70% reduction in its deficit, compared with the previous year.

The losses, attributed to the level of contributions from the telecoms and television sectors, were €40 million lower than expected, meaning the pubcaster kept within its budget for the first time in three years.

RTVE’s finances have been under pressure since advertising was banned in 2010 in favour of government subsidies and contributions from telcos.

Commercial revenues were €49.3 million, the highest amount since RTVE was forced to stop broadcasting adverts.

Personnel expenses were €387.3 million, €15 million more than budgeted for and “a direct result of outstanding extra pay” from 2012, though overhead savings were expected to reach €14.3 million, higher than the previously-budgeted €12 million.

RTVE said 2016’s prospects were “even more favourable”, because a deduction in VAT and an additional €100 million in revenue from the general state budget.

Last month, Spanish commercial terrestrial channels body UTECA rejected calls for the reintroduction of advertising on RTVE, a notion that’s risen as the pubcaster struggles to keep costs in hand.