'Strikes affected Eskom's profits'
Eskom says it is not worried about its debt, upcoming increased electricity tariffs or lower profits.
SUNNINGHILL - While Eskom may have lost its Chief Financial Officer, Paul O'Flaherty, the company said it was not worried about its debt, the upcoming increased electricity tariffs or lower profits.
On Tuesday, Eskom revealed its smaller profits for the first half of this financial year, and shortly afterwards, CEO Brian Dames announced O'Flaherty's resignation.
Dames said the economy and industrial unrest this year had affected Eskom's profits.
"The interim results this time around reflect a declining demand of electricity in the country.
"It is very clear to us, and we see that quite early in terms of the low economic growth in the country, as well as the industrial unrest that has happened throughout major industries in the country, particularly the mining sector."
But Dames said he believed end of year profits would also be lower than in 2011.
Following the surprise announcement that O'Flaherty will soon step down, Dames wished him well for his future endeavours.