Music
18 Jul 17

RTE Announces Deficit of €19.7 Million in 2016

The recent windfall from the sale of part of their Donnybrook campus doesn’t look quite as big when set against the substantial losses incurred, in what was a very big year for the national broadcaster.

RTE has announced a deficit of €19.7 Million for the year ending in 2016. This news comes a little over a month since the broadcaster sold 90 Acres of their Donnybrook HQ for more than €100 million. This is according to the annual report that's just been released by the national broadcaster.

RTE had recorded solid operating profits over the last three years but the hefty loss for last year is being blamed on a number of factors.

The press release from RTE says that the the range large-scale special events, including the centenary celebrations and commemorations, the General Election, Euro 2016, the Olympic Games and Paralympics, alongside the €5 million reduction in public funding in the 2014 Budget and static income from the licence fee all contributed to RTÉ’s financial results for 2016.

The adverse impact of Brexit too is also said to have stirred up financial uncertainty in 2016.

Dee Forbes, Director-General RTÉ, said: “2016 was a financially challenging year for RTÉ" but "Despite these challenges, RTÉ delivered first-class election and sports coverage and analysis to our audiences on all platforms, and an ambitious centenary programme that we can all be very proud of"