The Citizen reports that Eskom revealed at its financial results presentation on Monday morning that it suffered a net loss of R2.3bn in the 2017/18 financial year.  

This compared to the R888m profit in the previous period.  The power utility also reported that its net cash from operations had declined from R45.8bn to R37.6bn.  CEO Phakamani Hadebe said the losses were compounded by alleged corruption and mismanagement, challenges of governance and the negative investor sentiment plaguing the energy provider.  Chairperson Jabu Mabuza indicated that R19.6bn in irregular expenditure had been documented in Eskom since 2012, with most of it coming from 2018.  He stated:  “We will continue to pursue those engaged in wrongdoing and take corrective action within the South African legal framework.  We are determined to clear the company of corruption in all its forms, with about 250 cases reported through Eskom’s whistleblowing channels currently under investigation.”  Due to this financial disarray, Eskom said it would not be paying any bonuses to staff, EWN reported on Monday.  The payment of bonuses forms part of the wage demands currently being negotiated with unions.  Eskom said it informed them on Friday that it could not afford to make bonus payments.

• Read this report in full at The Citizen

Read too, Eskom won’t pay bonuses to staff due to financial constraints, at EWN

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