South African state power utility Eskom on Friday said it made a net loss of R20.5 billion in its financial year ending in March 2020, down from R20.9 billion the previous year.
But the company, which struggles to power Africa’s most industrialised economy and is reliant on government bailouts, said it expects to make a larger loss of R26.2 billion in the current financial year ending in March 2021.
The expected deterioration is primarily because of the impact of the Covid-19 pandemic on electricity sales, it said in a presentation.
Eskom’s debt rose to about R484 billion from roughly R441 billion a year earlier.
The new debt figure is equivalent to more than 9% of the country’s gross domestic product.