South Africa’s Eskom Posts $1.2 Billion Loss With More to Come
- South African power utility’s revenue dips amid blackouts
- Acting CEO Cassim expects turnaround in 2025 fiscal year
An Eskom maintenance truck in Soweto, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
South Africa’s struggling state power utility reported a 23.9 billion-rand ($1.2 billion) net loss after tax for the past financial year after subjecting the country to record electricity outages and warned that no immediate turnaround is in sight.
Eskom Holdings SOC Ltd. expects to post another 23.2 billion loss in the 12 months through March 2024 due to the poor performance of its plants and delays in securing generation capacity from private producers, interim Chief Executive Officer Calib Cassim told reporters at a briefing in Johannesburg on Tuesday.