Eskom posts net loss of R 9.1 billion

“An after-tax net loss of 9.1 billion rand is expected to end the fiscal year in March 2022, about half of the loss of 18.9 billion rand recorded in March 2021.”

De Ruyter said revenue reached R135 billion due to a pickup in demand and sales volumes, combined with tariff increases.

However, municipal debt remains a problem for the struggling electric utility.

“On the issue of municipal debt, very limited success has been achieved in managing the ongoing municipal debt, which has reached unsustainable levels. As of September 30, 2021, the total municipal debt stood at Rand 40.9 billion.

He further explained that the debt has been reduced on an annual basis, but the numbers still look grim.

“Eskom also reduced its gross outstanding debt to Rand 392.1 billion during the period, from Rand 463.7 billion a year earlier. This is a further debt reduction of R 10 billion since the start of the fiscal year.

“This significant improvement in a number of key financial indicators is an encouraging development in our efforts to turn around Eskom. This despite a difficult and uncertain operating environment and the uncertainties caused by the Covid-19 pandemic during the first half of the year. “

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Ann J. Cox