Eskom reports R5bn profit, loses CFO

Eskom has made a net profit after tax of R5.18 billion for the 12 months to 31 March 2013.

This is down significantly from the R13.2 billion reported last year.

Revenue has increased from R114 billion to R128 billion for the period, primarily thanks to higher electricity tariffs.

Costs have, however, skyrocketed – leading to the downward movement in profit.

Primary energy costs (mainly coal) have increased from R46 billion to R60 billion for the period. Operational costs have increased from R44 billion to R57 billion.

The news that Eskom chief financial officer Paul O’Flaherty has decided to stick to his initial decision to leave Eskom as indicated 6 months ago has come as a shock.

The department of public enterprises has been trying to retain O’Flaherty but these efforts have not succeeded.

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