File picture: Independent Media
JOHANNESBURG - South Africa's power utility, Eskom, today released their interim for the first six months of the 2018/19 financial year. 

Eskom reported a R671m ($48.05 million) profit in the first half of the 2018/19 financial year, 89 percent lower than a year earlier.

Eskom said that the profit slump was caused by higher borrowing costs, greater fuel costs and increased expenditure on staff.

Chief executive Phakamani Hadebe will present Eskom's results today.  Hadebe last week told parliament's committee on public enterprises that the financial situation at the embattled power utility would remain dire for the next few years, with its debt burden likely to grow from R400 billion to some R550 billion.

"The institution is really under severe financial strain," Hadebe told the committee.

Acting chief financial officer Calib Cassim said the problem was partly the company's inability to service its debt from its earnings, forcing it to borrow more.



View Eskom's results below: 









BUSINESS REPORT ONLINE