Eskom's R2.3bn 💰 Net Loss: 'Damage Cannot Be Fixed Overnight' ⚠

  |   Sanews

Eskom has reported a net loss of R2.3 billion for the past financial year.

The company has released its annual results which show the difficult financial situation the parastatal is in.

The utility says the focus since the beginning of the year has been on stabilising and cleaning up the institution.

Chairman Jabu Mabuza says the board is disappointed that it could not avoid a qualified audit.

“Look at our results with a slightly different set of lenses. They represent a base for restoration and renewal. The damage was not done overnight and so cannot be fixed overnight. We have to take some short-term pain to achieve long-term gains.”

Eskom's irregular expenditure has ballooned to over R19 billion dating back to 2012.

Mabuza also said there had been R19.6 billion in irregular expenditure since 2012, with much of the irregular expenditure being reported in 2018.

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