Eskom warns MPs of expected annual loss
Eskom will probably have emphasis on its going-concern status in the 2017-18 financial results and will face the same problem in the current year
Eskom’s results for the year to end March 2018 would be "below breakeven", meaning it would make a loss, the utility’s acting chief financial officer Calib Cassim disclosed on Wednesday. In the previous financial year, Eskom made a net profit of R1bn on revenue of R177bn. Its interim financial statement for the six months to end-September placed emphasis on matters relating to the utility’s going-concern status. The 2017-18 results will be released in July. Cassim told members of Parliament’s portfolio committee on public enterprises that Eskom would probably have the same emphasis on its going-concern status in its 2017-18 financial results and would continue to face the same challenge in the current year. Cassim was part of a delegation of Eskom executives led by interim CEO Phakamani Hadebe that briefed MPs on the company’s financial results to end-March 2016-17. He said the challenges facing Eskom were partly due to 2.2% electricity tariff increase granted by the National Energy...
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