National public broadcaster CBC/Radio-Canada just dropped on Wednesday its annual financial results for 2022-2023, period ending March 31, 2023. The firm finished the fiscal year with a net loss of $125.1 million, a decline from last year’s net loss of $92.1 million.
The decline can be attributed to lower revenue, yielding $515.6 million for the year compared to last year’s $651.4 million, a decline of 20.9%.
The loss for the year is driven by around $1.91 billion in operating expenses, which is relatively a decline from last year’s $2.01 billion.
For the recent annual period, it received around $1.27 billion in government funding, an increase from last year’s $1.24 billion. The difference is mainly due to a transfer from 2021-2022 operating funding to 2020-2021 of around $36.7 million, and a lower amortization of deferred capital funding in the recent year.
“2022–2023 marked a milestone year for CBC/Radio-Canada. We initiated a series of projects and strategies aimed at maintaining high-quality journalism, responsible and transparent business practices, and equity, diversity and inclusion in both our programming and our workforce,” the firm said in a statement.
Among these initiatives, the firm highlighted “NotOk”, a resource guide to “help journalists and newsrooms manage the emerging threat of online harm,” as well as its National Accessibility Plan and the development of its National Indigenous Strategy “designed to ensure that [they] are truly reflecting contemporary Canada in the stories.”
Information for this briefing was found via CBC News and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
