South Africa’s Eskom makes 1.3 bln rand profit in first half


The logo of state power utility Eskom is seen outside Cape Town’s Koeberg nuclear power plant in this picture taken March 20, 2016. REUTERS/Mike Hutchings/File Photo

JOHANNESBURG (Reuters) – South Africa’s struggling state power firm Eskom made a surprise 1.3 billion rand ($88.39 million) profit in the first half of this financial year, roughly double the profit it made during the same period of the previous year.

Eskom’s financial performance is typically stronger in the first half of the year, as it sells more electricity during the winter season and does less maintenance.

Eskom Chairman Jabu Mabuza told a news conference that the firm still expected to make a loss of roughly 20 billion rand for the full year that ends in March 2020, similar to the loss it made in the prior year.

($1 = 14.7075 rand)

Reporting by Alexander Winning; Editing by Jon Boyle



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