Eskom interim profit plunges 89% from year ago

Eskom’s first-half profit plunged 89% and the situation at the state-owned power utility is likely to worsen in the next six months, its chairperson Jabu Mabuza has said.

Profit plunged to R671m in the six months through September from R6.3bn a year earlier, while finance costs rose to R15.2bn from R11.9bn, Mabuza told a presentation in Johannesburg on Wednesday.

The company’s debt burden is “impossibly high,” Mabuza said, even as it reported improved liquidity and announced that 73% of funding for 2018-19 is secured.

Acting Chief Financial Offer Calib Cassim was appointed to the role on a permanent basis.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
15.86
+1.4%
Rand - Pound
19.79
+0.3%
Rand - Euro
16.79
+0.3%
Rand - Aus dollar
11.18
+0.0%
Rand - Yen
0.12
+1.0%
Gold
1,841.55
+1.4%
Silver
21.92
+2.4%
Palladium
2,008.00
-0.4%
Platinum
966.50
+3.0%
Brent Crude
109.11
-2.6%
Top 40
61,726
-1.3%
All Share
68,246
-1.2%
Resource 10
71,337
-0.6%
Industrial 25
75,802
-1.3%
Financial 15
15,729
-1.9%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot