STATE-OWNED power utility, Eskom, posted a fourth consecutive annual loss as it continued to service a mountain of debt, repaired aging plants and lost electricity revenue because of a drop in demand caused by the coronavirus pandemic.
Eskom Holdings SOC Ltd.’s loss narrowed to R18.9 billion in the year through March, from R20.8 billion a year earlier, Chief Executive Officer Andre De Ruyter said at a televised briefing on Tuesday.
“The slowdown of economic activity due to the pandemic led to an unprecedented decline in sales, which fell 6.7% from the previous year. Sadly, the losses Eskom suffered as a result of the COVID-19 pandemic were not limited to our finances. We also lost 153 of our colleagues to the pandemic, including 17 contractors as at Friday 27 August 2021. Our sincere condolences go to the affected families,” said De Ruyter.
“Operationally, however, every crisis does bring with it
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