From Times Live

Africa’s richest city, Johannesburg, has stormed back to profitability but the loss of millions due to high levels of electricity and water theft threatens to pull the metro back into the red.

In addition, the auditor-general awarded it an unqualified audit opinion after three consecutive qualified audit outcomes.

The city’s finance boss, Geoff Makhubo, yesterday announced a R3.4-billion ($340 million) surplus for the year to June.

Although the surplus is less than the R4.6-billion generated in the previous financial year, it improves the city’s liquidity to R5.4-billion.

Patrick Atkinson, DA spokesman on finance, said “things are good in the city of Joburg” but questioned the accuracy of billing statements.

Joburg’s increased liquidity will go towards funding this financial year’s R7.6-billion capital expenditure.

Written by Olebogeng Molatlhwa | Read more at Times Live