On Wednesday, Eskom Chairperson Jabu Mabuza said debt relief options which form part of its turnaround plan need to be implemented immediately if the power utility is to be rescued from its debilitating state.
The power utility released its interim results for the first six months of the 2018/2019 financial year, showing that profit was 89 % lower than the previous year.
Speaking to Bongani Bingwa, Eskom’s Chief Financial Officer Calib Cassim says Eskom needs to be transparent within itself and with the country about its financial and operational status.
He acknowledges that the results are very disappointing and extremely concerning as Eskom is such an important asset to the country.
But I think if you firstly look at the operational costs and how we performed, you will see that the earnings before declined by 4% year on year. However, the pressure really comes from what we call below the line - the depreciation, as more assets are commissioned.— Calib Cassim, Eskom’s Chief Financial Officer
Listen below to the full interview: