Eskom expects to half overall net loss by end of 21/22 financial year
Eskom said that it expects to halve its overall net loss by the end of the 2021/2022 financial year.
The utility on Wednesday delivered its results for the half-year.
It reported a net profit after tax of R9.2 billion for the first half of the financial year, the first such profit since 2017.
At the end of the past financial year, Eskom reported a net loss after tax of R18.9 billion – now the utility forecasts a loss of R9.1 billion.
Chief financial officer Calib Cassim has attributed this to a number of factors, including the 15.06% tariff increase.
“Obviously the 15% tariff increase, plus the 8% in volume growth has come through in the numbers, together with Eskom’s cost control focus of extracting R20 billion target out of our cost base,” Cassim said.
But he said that debt remained a thorn in Eskom’s side.
“Of the R392 billion, as of September, our local debt comprised 60% and foreign 40%,” Cassim said.
The utility expects to spend R16.1 billion on open cycle gas turbines due to the lack of generation reliability.
-EWN
In other news – No jab, no job – Muvhango actors forced to vaccinate
The cast and crew of South African soap opera, SABC 2’s Muvhango will receive their covid-19 jabs. This is after they were given an ultimatum by the soapie creator Duma Ndlovu to vaccinate or lose their contracts.
About 200 members, including the cast, production personnel, and directors will be at the site joined by the Minister of Health Dr. Joe Phaahla, Gauteng MEC for Sport, Art, Culture, and Recreation Mbali Hlope, and the MEC for Health Dr. Nomathemba Mokgethi to receive jabs at the SABC offices in Auckland Park. Learn More
