Telecel in $15 million loss

By Staff reporter | 24 Jul 2019 at 16:14hrs
Zimbabwe's third-largest mobile network operator, Telecel, has reported a ZWL$14, 551 400 loss before minorities in the first five months of 2019, a financial statement shows.

Total revenue, for the period to May, stood at ZWL$19 473 000 while operating expenses gobbled ZWL$16 501 600, a statement gleaned by Technomag shows.

Staff costs and bonuses amounted to ZWL$6,1 million while IT maintenance and repairs, network maintenance and rent expenses, as well as office rentals, totalled about ZWL$6,8 million

Loss-making entities have prompted the government to call for privatization to all underperforming State-Owned Enterprises so as to wean these companies that are making losses and accruing debts which the government has been obligated to take over.



WhatsApp Newsletter

Follow us

Latest Headlines