Reuters reports that struggling state-owned power utility Eskom said on Monday it was considering cutting staff and selling assets after reporting a R2.3-billion loss that underlined the gravity of its financial position.  

It also reported R19.6-billion of irregular expenditure and said it had R15.8-billion of cash at the end of March, down from R20.4-billion a year earlier.  The new management is combing its finances from late 2012 in an effort to recover money lost through corruption.  Chief Executive Phakamani Hadebe said they had started discussions with the government about getting staff numbers right, a veiled reference that the company is considering cuts to its bloated 47,000 workforce.  Analysts have long called for Eskom to take action to reduce ballooning staff costs, and Eskom Chairman Jabu Mabuza said on Monday the company believed it had around one-third too many employees.  Eskom executives also said they were looking at whether to sell non-core assets to shore up the firm’s balance sheet.

• Read this report by Alex Winning in full at Moneyweb

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