Power utility Eskom on Wednesday put a shine on its financial results, saying that it was not in distress, contradicting Finance Minister Malusi Gigaba’s statement last week that the government was looking at ways to provide it with "soft support". Chief financial officer Anoj Singh said that "Eskom has not made any application for any kind of support for Eskom as an entity." He admitted, however, that the R20bn cash Eskom had in its account was the "liquidity buffer", below which it could not go without getting further support. Eskom said it had increased revenue 7.9% to R177bn in the year to March; its earnings before interest taxes depreciation and amortisation (ebitda) rose 14.4% to R38bn. Singh said profitability had improved because less was spent on diesel for emergency power as the fleet performance improved and coal cost increases were controlled. Public Enterprises Minister Lynne Brown said this indicated that "Eskom was in a better financial position than it was a year ag...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now