Eskom posts record loss

[Bradley Prior]

Eskom posts record loss

Eskom Holdings SOC Ltd., South Africa’s debt-ridden power utility, reported a record annual loss of 20.7 billion rand, but its bonds rallied on optimism that it is starting to stem the bleeding.

Eskom’s loss for the year through March widened from 2.3 billion rand the year before as power sales generated insufficient income to cover its operating costs and interest payments. [Bloomberg]

 

[ArmatageShanks]

 

[Takkies]

Eskom posts record loss

Eskom Holdings SOC Ltd., South Africa’s debt-ridden power utility, reported a record annual loss of 20.7 billion rand, but its bonds rallied on optimism that it is starting to stem the bleeding.

Eskom’s loss for the year through March widened from 2.3 billion rand the year before as power sales generated insufficient income to cover its operating costs and interest payments. [Bloomberg]

Where have all the engineers gone?

 

[ArmatageShanks]

Where have all the engineers gone?

They were fired because they were white

 

[ArmatageShanks]

 

[BBSA]

power sales generated insufficient income to cover its operating costs and interest payments

So you keep on increasing your tariffs and now you wonder why people don't want to use your unreliability service?

 

[WaxLyrical]

Stop giving electricity for bansela.

 

[biometrics]

Eskom has referred scores of 'senior' employees to the Special Investigating Unit after lifestyle audits – and more than a hundred have left after ‘procurement breach’ investigations

https://www.businessinsider.co.za/e...-and-procurement-disciplinary-hearings-2019-7

 

[lkswan747]

I am no CEO, but how the hell does a company rack up such a huge loss?? For Sucks Fake, let this rot come to an end!!!

 

[Nopt!c]

Thanks for having kept us in the dark!

 

[ShaunSA]

So when's the next round of load shedding?

 

[mister]

So when's the next round of load shedding?

You can come over now?

 

[PhireSide]

TIL that it is in fact possible to drive a monopoly into the ground

 

[BBSA]

https://twitter.com/x/status/1156191349189877765

 

[Pythonista]

ONLY 20 billion ... we had expected much more that that ... bonuses all round please ~

 

[BBSA]

Eskom: "The only long-term solution is for the electricity price to migrate to cost reflectivity."

In other words, we will all have to pay more for electricity. They do not even consider that they can cut the cost base considerably.

 

[Mephisto_Helix]

loadshedding incoming soon I guess

 

[reactor_sa]

Eskom: "The only long-term solution is for the electricity price to migrate to cost reflectivity."

In other words, we will all have to pay more for electricity. They do even consider that they can cut the cost base considerably.

The higher the price goes the less people will lose. In fact it will get to a point where even the payers will resort to theft or off grid.

 

[system32]

Eskom Sets the record:

• Eskom Loss R20.7bn (2018/19)

But there are some notable others:

• PetroSA Loss R14.5bn (2017/2018)
• SAA R5.7bn (2017/2018)
• Prasa Loss R0.93bn (2016/2017)
• Denel Loss R1.7bn (2018)
• Necsa Loss R133m (2018)
• SABC Loss R622m (2018)
• SAPO Loss R1.1bn (2016)

...

 

[John Tempus]

Eskom Sets the record:

• Eskom Loss R20.7bn (2018/19)

But there are some notable others:

• PetroSA Loss R14.5bn (2017/2018)
• SAA R5.7bn (2017/2018)
• Prasa Loss R0.93bn (2016/2017)
• Denel Loss R1.7bn (2018)
• Necsa Loss R133m (2018)
• SABC Loss R622m (2018)
• SAPO Loss R1.1bn (2016)

...

Necsa is underperforming at just R133million loss. I assume there must have been either complete lack of financing or some capable staff who tried to avoid bigger losses. They need to step up the game and post greater losses.

The scary part really is that the reported numbers are probably all on the low end thumbsucked downplayed numbers. The real losses would not suprise me if they were double these.