South Africa’s Eskom Makes Surprise R1.3-Billion Profit in First Half of 2019

JOHANNESBURG – South Africa’s struggling state power firm Eskom made a surprise R1.3 billion ($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 makes profit 2019
Electricity pylons carrying power from Koeberg nuclear power plant are seen in Cape Town, South Africa July 11, 2018. Picture taken July 11, 2018. REUTERS/Sumaya Hisham

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.

But before we get too excited, it’s not all great news though…

Eskom Chairman Jabu Mabuza told a news conference that the firm still expected to make a loss of roughly R20 billion rand for the full year that ends in March 2020, similar to the loss it made in the prior year.

(Reporting by Alexander Winning; Editing by Jon Boyle)