Industrial unrest in mines may affect Eskom's yearly results
21 Nov 2012 11:14
According to Allafrica.com, Eskom has announced that its profits for the six-month period beginning on April 1 and ending 30 September 2012 dropped to R12.6 billion from R12.8 billion a year ago.
Eskom CEO Brian Dames said the seasonal nature of the business could mean an even steeper decline in profits by year end.
Releasing the power utility's interim results on Tuesday, Dames cautioned that economic growth and the industrial unrest, particularly in the mining industry, would impact financial results at the end of the year. These two factors had contributed to the decline in income for the first half of 2012.
Eskom committed itself to reinvesting profits in maintaining power stations, servicing debt and helping to fund its capacity expansion programme, for which almost 80% of the required funding had been secured, Allafrica.com reports.
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