Eskom board chairperson Jabu Mabuza has revealed that the utility has recorded an irregular expenditure of over R19 billion.

The power utility released its preliminary 2017/18 financial results on Monday morning. Among the shocking facts revealed by Mabuza and other managers was that the utility also showed a net loss after tax of R2.3 billion for the year, compared with a R900 million profit for 2017.

According to Eye Witness News CEO Phakamani Hadebe said the poor results were compounded by allegations of corruption and mismanagement, challenges of governance and negative investor sentiment.

The chairman of Parliament’s portfolio committee on public enterprises Lungi Mnganga-Gcabashe has expressed disappointment over the results.

“The power utility has in the past months come under scrutiny because of the financial and operational performance it experienced,” said Mnganga-Gcabashe.

“The committee will make time in its programme to invite Eskom, so that members are briefed on the latest financial results.”

–African News Agency (ANA)