Mali’s Sotelma reports loss for 2006 and fails to hit half year revenue targets

Mergers, Acquisitions and Financial Results

Sotelma, Mali’s telco incumbent has reported a loss of 5 billion CFA francs (US$10 million) for the year 2006. As of June 30th , the company has generated 34 billion CFA francs revenue (US$68 million) towards its annual target of 76 billion CFA francs (US$152 million). At only 45% of its revenue target so far, the company has little chance of meeting the target in the balance of the year.

The privatisation of Sotelma was supposed to be announced in 2006 after several years delay. But at this rate there will be considerably less to privatise as the incumbent is rapidly losing market share (particularly in the mobile market) to Orange Mali.