Tag: Econet Financial Results 2015
Econet Wireless Zimbabwe has announced a 17.7% drop in revenue and 52% decline in profit in its 2015 Half Year Results.
MTN Group, the largest telecoms entity in Africa published its interim results for the period ended June 2015. The figures released, which missed analysts expectations, showed a 4.9% % decline in revenue and an 11% drop in profits. This performance is attributed to factors that are common across the African telecoms space.
Econet has generously adjusted the Dream Data Bundles that were introduced last month. 1 GB of data is now going for $1 and 3GB for $2. The validity period has also been changed to a 10 pm to 8 am window.
Econet has asked its suppliers to reduce prices by 15% in a cost cutting measure that is meant to help it weather the tough economic environment.
Econet has reduced the salaries of its entire staff by 35%. This has been attributed to a lot of challenges in the local business environment, and the other complications in Zimbabwean telecoms. The operator will have to do a lot to improve its performance and beat all of this.
Econet has changed its WhatsApp, Facebook and Opera Mini bundles. All three have now have two versions, Lite and Extra. The Lite bundles maintain the old prices but are slower and do not allow downloads. The Extra bundles are double the price of existing bundles but are faster and have download privileges.
Telecel and NetOne owe Econet $26.3 million from the past year alone. These are debts related to interconnection fees that Econet has always struggled to collect from the other operators. That figure is big enough to have paid for a little over 40% of Telecel.
Econet Wireless Zimbabwe has released its annual financial results. The operator has registered lower revenues and a 41% decline in profit. After tax profits stood at $70 million and revenues came to $746 million. Broadband and mobile money have contributed 22% to the operator’s performance and voice revenue continues to fall.