By Gaye Davis for EWN
Eskom has recorded a net loss after tax of close to R19- billion.
CEO André de Ruyter released the annual results for the year ending March 2021 virtually on Tuesday afternoon.
De Ruyter has also outlined the power utility’s highs and lows.
He said Eskom’s debt mountain continued to weigh on the group’s performance: “We regret that we have to report a net after tax loss of R18.9-billion, this is largely attributable to the fact that we continue to have an unsustainable debt burden, which caused us to pay in the past financial year, net debt service costs of R31.5-billion.”
De Ruyter said the Covid-19 pandemic had a significant impact, especially in the first half of the financial year, with overall sales down 6.7%.
“Headcount was reduced by 4.5% and as a consequence, we were able to contain our employee costs – we are now sitting at a staff complement of 42,749, which is down from about 44,772 at the end of the previous financial year.”
Eskom’s gross debt now stands at R401.8 billion. Its gearing ratio improved to 67%, from 71%.
Debt servicing costs of R31.5 billion contributed to the net loss, De Ruyter explained.