July 23, 2018 / 8:39 AM / a month ago

South Africa's power utility Eskom swings into loss

JOHANNESBURG, July 23 (Reuters) - South Africa’s state-run power utility Eskom reported on Monday a 2.3 billion rand ($171 million) loss for the 2017/18 financial year ending March, weighed down by increases in financing costs and depreciation.

The struggling utility, which made a profit of 888 million rand in the previous reporting period, said it had 22.7 billion rand liquidity by the end of the financial year.

“Eskom is undoubtedly facing one of the most difficult times in its history,” Eskom chairman Jabu Mabuza said at the results presentation. ($1 = 13.4755 rand) (Reporting by Alex Winning Writing by Tanisha Heiberg Editing by James Macharia)

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