ANA reports that, in noting the release of the Eskom's integrated results on Wednesday, the National Union of Mineworkers (NUM) commented that the state-owned power utility was galloping into financial distress.
This despite an EBITDA (Earnings Before Interest, Tax and Depreciation) of R38 billion, representing an increase of 14.4%. However, according to the NUM’s statement, net profit had declined from R4.6 billion to R1 billion. NUM Energy Sector Coordinator, Paris Mashego, said: "The Eskom response to this poor performance is to embark on cost cutting measures, always directed at our members and other employees. We call upon the board chairperson to convene an urgent meeting with the NUM to discuss the crisis." The union also called on the Public Enterprises Minister to convene a forum for all stakeholders to discuss the management and control of all state-owned enterprises.
- Read this report in full at Business Report
- Read the NUM’s press statement at Cosatu Today
- Read too, Eskom is financially stable, says Eskom finance chief, at Business Report
- And also, Eskom says it has no plans to shut down power stations, at EWN
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