The South African Rugby Union has announced a small profit for 2013 on the back of an increase in revenues from broadcast rights and sponsorship.
The governing body said on Friday that it had posted a group profit before taxation of R5.1 million ($482,000) for last year, and an after-tax profit of R11.1 million, following a write back of taxation charges, results which it regarded as "satisfactory" in a "very difficult economic environment."
SARU oversees the Springboks, the South African national team presently ranked number two in the world, behind World Cup holders New Zealand.
Group revenues rose by 14 per cent, from R700 million to R795 million, in 2013. This growth was attributed to higher broadcasting and sponsorship income, but this was almost offset by a 12-per-cent increase in expenditure resulting from charges for broadcasting rights and allocations to provinces, rugby development projects and national team costs.
SARU chief executive Jurie Roux said: "The sport and all businesses are operating in an increasingly challenging financial environment. A number of SARU programmes and activities had to be re-engineered during the course of the year to remain within a budget that had to be revised downwards. The fact that the organisation managed to report a profit was due to prudent financial management."
He said that further growth in broadcasting rights and sponsorship revenues and another "modest" pre-tax profit are expected in 2014.
In other developments, SARU president Oregan Hoskins and deputy president Mark Alexander were re-elected unopposed for four-year terms while James Stoffberg was re-elected as vice-president in a contested election.Sportcal