ETHIOPIA’S ETC UNDERSHOOTS PROFIT TARGET WITH US$45M PROFIT

Mergers, Acquisitions and Financial Results

The Ethiopian Telecommunications Corporation (ETC) made a net profit of 379.5 million birr in the past nine months.

A nine-month performance report presented by ETC to Parliament last Monday indicated that the corporation had forecasted to earn two billion birr revenue in the past nine months. The corporation managed to earn 1.5 billion birr, 75 percent of the target. On the profit side, although the corporation anticipated to earn a net profit of 636.5 million birr, it, however, succeeded in making a 379.5 million birr profit, 60 percent of the target.

ETC collected 622.7 million from landline telephone services, 603.8 million birr from mobile phone services, 243.9 million from international services and 61.7 million from Internet services. The revenue earned from the mobile and Internet services were short of the expected amount. The revenue earned from mobile and Internet services was also behind the target set by 39 and 57 percent respectively. The management of ETC told Parliament that the amount of uncollected bills was piling up. The management said efforts were under way to determine the amount of unpaid bills and to collect them.

The Reporter