Cell C reports drop in revenues, net profit in 2018 27 Mar 2019
29 March 2019
South African mobile operator Cell C reported its financial results for the twelve months ended 31 December 2018, with its total revenue decreasing from ZAR15.715 billion (USD1.1 billion) in 2017 to ZAR15.699 billion in the period under review. EBITDA for 2018 dropped to ZAR1.435 billion, down 73.6% from ZAR5.432 billion in 2017.
Further, the cellco reported a net loss of ZAR1.274 billion for the twelve-month period, down three-fold from a net profit of ZAR4.115 billion registered in the previous year.
The cellco has accumulated a debt of ZAR8.9 billion, ZAR2.9 billion short of the forecasts expected by its majority shareholder, Blue Label Telecoms, which aimed at reducing Cell C’s debt by ZAR20 billion to ZAR6 billion when the recapitalisation of the telecoms company was finalised in August 2017.
Source: All Africa