Eskom records net loss R9.1bn
Eskom CEO Andre De Ruyter held a media briefing on the SOE’s interim financial results for the past six months on Wednesday.
“A net loss after tax of R9.1 billion is forecast for the financial year end in March 2022, approximately half the R18.9 billion loss posted in March 2021.”
De Ruyter announced that revenue rose to R135 billion due to a recovery in demand and sales volumes, combined with tariff increases.
However municipal debt remains a problem for the embattled power utility.
“On the issue of municipal debt, very limited success has been realised in managing outstanding municipal debt, which has escalated to unsustainable levels. As at 30 September 2021, total municipal debt was at R40.9 billion.”
He further explained that debt has been reduced on an annual basis, but the numbers still look grim.
“Eskom also reduced its gross outstanding debt to R392.1 billion in the period, from R463.7 billion a year earlier. This is a further R10 billion reduction in the debt since the beginning of the financial year.”
“This significant improvement in a number of key financial indicators is an encouraging development in our efforts to turn Eskom around. This is despite navigating a challenging and uncertain operating environment and the uncertainties brought about by the Covid-19 pandemic during the first half of the year.”
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