Eskom made a whopping R21.2 billion loss over the past financial year, its largest ever, unaudited results disclosed by the National Treasury in Parliament showed.
Eskom's loss for the year comes despite a 9.61% tariff increase and an R21.9 billion bailout from the Treasury. It earned less revenue than anticipated and spent more, especially on diesel which was more than double the previous financial year. Its debt stock swelled to R439 billion – about a 10% increase over the year – due to the weakening rand and borrowing activities.
On the upside, SAA was now profitable and no longer technically insolvent. In the year-to-date, the company made a profit of R500 million. Mango, which is in business rescue, was the only subsidiary that did not make a profit.