Zimbabwean fixed telecoms operator, TelOne has just held its second annual general meeting where it released its results for the 2015 Financial year.
The operator realised annual revenues of $138 million which was decline from the $157 miilion realised in 2014. Earnings before Interest and Tax (EBITDA) stood at $20 million down from $24 million in the previous year.
Despite this decline TelOne registered an increase in operating profit from $7 million to $8,2 million while its net profit decreased to $5,8 million as a result of the impact of exchange rate fluctuations on its legacy loans which are held in Yen and Euro currencies.
Its legacy loans book now amounts to $348 million inclusive of interest payable. it has also been exploring the recovery of its debtors’ book which decreased from $156 million in 2014 to $146 million in 2015.
According to Chipo Mtasa TelOne’s Managing Director the operator will double down on broadband services which contributed $28,7 million in 2015; as well as cost management strategies which will ensure viability and growth opportunities.
TelOne closed the year with 73,883 fixed broadband access subscribers up from 50,570 in 2014.
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3 comments
This will come to nothing come election time when all business practises will be thrown out of the window and Ministers looking for money to further their political agendas. Is Chipo refused to offer money, what will stop Super from firing her like he did people he didnt like(read not playing ball) at POTRAZ
wekk that us good when a company makes profits even in light of decreasing revenue. unfortunately when a ministry borrows money from a reg authority to buy a business the authority oversees you have problems. and ps in this seal who actually owns telecel?
Telone your adsl product needs a shake up… It gets slower and slower each month… We don’t have any other option living out of Harare. Does Telone throttle sites like Gmail, Facebook, Youtube and so on…..