News Leader
WATCH: The grim picture Eskom’s results revealed
Power utility Eskom released its full-year results on Monday, reporting a net-loss of R2.3bn from a profit of R0.9bn previously and driven by a 0.9% decline in sales. Irregular expenditure has ballooned to more than R19bn from R3bn dating back to 2012. Chairman Jabu Mabuza has suggested that it may be more than R19bn. The utility’s wage bill is also set to increase following the most recently tabled a three-year deal with increases of about 7% a year, compared with the current inflation rate of 4.6%. The current Eskom board as been in office for only 69 days and says that the damage to the company will not be reversed overnight. Eskom chief financial officer Calib Cassim spoke to Business Day TV about the results and provided some more detail.
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