Rugby-SARU announce modest pre-tax profit
CAPE TOWN, April 5
CAPE TOWN, April 5 (Reuters) - The South African Rugby Union (SARU) has reported modest pre-tax profits of 6.2 million rand ($675,300) for the year ended December 31, 2012, it announced at the organisation's annual meeting on Friday.
Group revenue rose 15 percent to 75 million U.S. dollars from 65 million, due mainly to an increase in income from broadcasting rights, sponsorships and home tests, which were typically depressed in the 2011 rugby World Cup year.
That rise was offset by group operating expenditure, which increased by 20 percent, largely due to costs associated with the hosting of the test at FNB Stadium and the IRB junior World Cup.
"The overall position remains reasonably healthy - despite the macroeconomic situation," SARU CEO Jurie Roux said.
"However, cash reserves ($1.09 million) are significantly lower than those of the previous year." ($1 = 9.1814 South African rand) (Reporting by Nick Said; editing by Alison Wildey)
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