Eishkom Profits.

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pobox4701

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BUSINESS NEWS (18:00; 19:00; 20:00; 21:00 & 22:00)
• Power utility Eskom has reported a jump in profits. They rose to R8.4bn, up from last year's R3.6bn.


What am I missing here?Thought They needed huge increases.
Have all the Fatcats Bonuses been paid yet,or will it end up being a Loss,after they have taken Bonuses?
 
It should all be going to pay off the huge international loans they've taken to build the new power plants.
 
pobox4701 said:
BUSINESS NEWS (18:00; 19:00; 20:00; 21:00 & 22:00)
• Power utility Eskom has reported a jump in profits. They rose to R8.4bn, up from last year's R3.6bn.


What am I missing here?Thought They needed huge increases.
Have all the Fatcats Bonuses been paid yet,or will it end up being a Loss,after they have taken Bonuses?
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The profits will have to be used to pay off the insane amounts of debt they're taking on.

[EDIT]Didn't see the post above.
 
McT said:
It should all be going to pay off the huge international loans they've taken to build the new power plants.
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Rubbish, I think you and I should pay for it. It's not like we aren't being heavily taxed in other areas anyway, are we?
 
Every single cent of these profits should be used to either pay off loans or to fund maintenance programs. Not a single cent should be paid out as BONUSSES or INCENTIVES to Eskom management or directors until such time as all loans have been settled.
 
MickeyD said:
Every single cent of these profits should be used to either pay off loans or to fund maintenance programs. Not a single cent should be paid out as BONUSSES or INCENTIVES to Eskom management or directors until such time as all loans have been settled.
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Doesn't the fact that they have declared it as a profit mean that's not the case tho?
 
Tun@ said:
Doesn't the fact that they have declared it as a profit mean that's not the case tho?
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Not necessarily - it depends on how the Eskom Board want to distribute those profits. They can veto any bonusses, etc. and withhold the profits to finance loans, etc.
 
MickeyD said:
Not necessarily - it depends on how the Eskom Board want to distribute those profits. They can veto any bonusses, etc. and withhold the profits to finance loans, etc.
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Ok - be interesting to follow
 
With such huge increases, who needs a bonus ? psttt...
Johannesburg - State-owned power utility Eskom paid executive committee members 109% more than they were paid last year, according to its financial statements for the year ended March 31.

Eskom's directors' remuneration report reveals that R18.5m was paid to executive committee members, compared to last year's R8.8m. The biggest winner was human resources head Bhabhalazi Bulunga, who pocketed 507% more at R3m, compared to last year's R501 000.

Of the two executive directors, CEO Brian Dames was the highest paid at R5.7m, a 0.9% increase. However, finance director Paul O'Flaherty took home 346% more at R4.9m.
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Why was theHead of HR paid so lowly last year? :confused:
 
Hah...ya with these current rates I pay one fat cat's bonus, you pay the next one and so on...
 
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Garyvdh said:
Yes, yes... but we all know what is REALLY going to happen. :rolleyes:
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Of course, there are profiteers whose pockets must be lined ;)

And they also need to find an avenue to get more funds to Chancellor House ;)
 
All I could find this early in the morning (my google skills are not switched on yet). I just missed it on the news.

http://www.politicsweb.co.za/politi...b/en/page71656?oid=243079&sn=Detail&pid=71616

and

http://bushradionews.blogspot.com/2011/06/eskom-salary-increases-expected-to.html

By Khanyisa Tabata
28 June 2011

Salary increases for Eskom executive committee members are expected to cause a huge outcry after it was made known that members were paid 109 percent more than last year.

According to Eskom’s financial statements for the year ending March 31, 18-point-five million was paid to committee members compared to last year’s less than nine million rands.

The highest pay-out was made to Human Resources head Bhabhalazi Bulunga, who received an increase of 507 percent at three million compared to last year's 501-thousand rand.

CEO Brian Dames now earns nearly six million a year while finance director Paul O’Flaherty received an increase of 346 percent to earn just less than five million annually.
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Those are nice little salary hikes. The next time I see that little power meter on the telly (do they still show those?) it will receive a big, fat middle finger from me.
 
This actually needs to be dealt with in some way by the guavamint....

The execs should NOT be receiving bonuses ffs.
 
Hah. And they applied for 2 additional 25% hikes; after the initial 3 year 25% hikes which were approved.

I just wonder what warrants that kind of a salary. Do they honestly do "That" much? If the Head of HR is paid that, I'm assuming all the people at Eskom are happier than Google employee's.
 
Well with that kind of price hikes, no new powerstations or solutions, if they were making a loss we should have been very worried.
Of course they are making a profit. :mad:
We will be the highest priced electrisity with the lowest service level and most black outs soon.
 
Oh yeah! remember minus the running cost of the Duvah powerstation.
Mega bucks fot them to pocket.
 
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