Eskom reports interim profit but forecasts a loss for the full year
High debt-servicing costs and rising municipal arrears will erode the state-owned utility’s annual performance, CEO André de Ruyter says
Eskom made a profit in the first six months of the year — traditionally its better period — but expects to sink back into a loss for the year to end-March as high debt servicing costs and rising arrears from municipalities erodes its performance.
Speaking at a media briefing on the results with CFO Calib Cassim, CEO André de Ruyter said the state-owned utility’s financial performance had improved across all metrics in the period to end-September. After-tax profit rose to R9.2bn on revenue of R135bn compared with a R216m profit in same period a year earlier, boosted partly by a 15.6% tariff increase...