TNM expects significant rise in H1 net profit

Mergers, Acquisitions and Financial Results

Telekom Networks Malawi (TNM), the country’s second largest mobile operator by subscribers, has issued a trading statement in which it says that net profit after tax will total over MWK1.8 billion (USD4.4 million) for the six months ended 30 June 2014, compared to MWK558 million the previous year.

Under the terms of the listing requirements of the Malawi Stock Exchange, TNM is required to publish a trading update as soon as there is a reasonable degree of certainty that financial results will differ by at least 20% from that of the previous corresponding period.

The company, which exceeded the two million mobile subscriber mark in July last year, said it will publish its financial statements for H1 2014 by the end of August, following their review and approval by the board of directors.