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JOHANNESBURG – The South African electricity company Eskom today published its interim for the first six months of the 2018/19 financial year.
Eskom recorded a profit of 671 million rand ($ 48.05 million) in the first half of fiscal 2018/19, 89% less than the year before.
Eskom said the decline in profits was due to higher borrowing costs, higher fuel costs and higher staff costs.
Executive Director Phakamani Hadebe will present the results of Eskom today.
Hadebe told the Parliament's Committee on state-owned companies last week that the financial situation of the troubled electricity company would remain grim for the next few years, with the debt burden likely to rise from 400 to 500 billion rand. .
"The institution is really under severe financial stress," Hadebe told the committee.
Acting CFO Calib Cbadim said the problem was partly due to the company's inability to repay debt with its income, forcing it to borrow more.
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