Eskom interim financial results see 10% drop in sales, net profit of R83m

The utility has released its interim results for the last six months.

FILE: Eskom CEO André de Ruyter at a briefing at Megawatt Park on 31 January 2020. Picture: Eyewitness News.

JOHANNESBURG - Eskom said that it had recorded a 10% drop in sales volumes compared to last year despite being granted a tariff increase.

The utility has released its interim results for the last six months.

They have attributed the drop in sales to the COVID-19 pandemic.

But, Eskom has recorded a net profit of R83 million and operating profit of R14.3 billion, higher than this time last year.

Despite this, the ailing utility expects to have incurred a loss of R22 billion by the end of this financial year.

CEO Andre de Ruyter: "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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