Eskom Lowers Debt, Advances Plans to Split Into Three Units
- Company reported 9.2 billion-rand profit in first half
- Eskom to transfer transmission assets to new company by Jan. 1
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South Africa’s struggling state-owned power utility cut debt as it advanced plans to restructure into three divisions and reported its first interim profit in five years.
Eskom Holdings SOC Ltd., reduced its borrowings to about 392 billion rand ($24.2 billion), compared with about 400 billion rand earlier this year, it said in a statement Wednesday presenting results for six months through September. The utility reported a 9.2 billion-rand profit in the period.