Eskom projects full-year loss of R22bn

The utility released its interim results for the last six months on Monday morning, detailing a 10% decline in sales volumes compared to last year.

FILE: Eskom CEO Andre de Ruyter at a briefing on 31 January 2020. Picture: Bonga Dlulane/EWN

JOHANNESBURG - Eskom is projecting a full-year loss of R22 billion.

The utility released its interim results for the last six months on Monday morning, detailing a 10% decline in sales volumes compared to last year.

CEO Andre De Ruyter said that this was as a result of the pandemic and the associated lockdown.

Eskom managed to record a net profit of R83 million for the six months under review, which was better than last year.

But de Ruyter said that the year-end figures were not going to be that encouraging.

"Finance costs still remain a very substantial negative impact on our income statement at R15.3 billion for the six-month period. Government support, for which we're very grateful, has been instrumental in ensuring that we can keep on servicing our debt. Unfortunately, this fiscal support does not structurally address our underlying debt."

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