On The Money - In Brief

Mergers, Acquisitions and Financial Results

  - Vodafone Egypt announced its 1Q FY04 results ending in June and the company posted impressive 144.3% net profit growth to LE199.8 million, versus a LE81.8 million realized in the comparable period last year. Net revenues for the associated period surged to LE685.1 million versus a comparable LE467 million, mirroring a 46.7% advance, while the COS/Revenues ratio meanwhile improved to 39.7% in 1QFY04 versus 42.5% calculated in 1QFY03.

  - SA’s Telkom last week invited bids for the 30% stake of Swiftnet, its wholly owned subsidiary that provides wireless data services. The sale of an equity stake is a term of the fixed-line operator’s licence, which stipulates that 30% of equity should be sold to empowerment groups. Swiftnet, which trades as Fastnet, provides "synchronous wireless access" to corporate companies and emerging businesses. Its services include retail credit card and cheque terminal verification, telemetry, security and fleet management. Last year it contributed R93m to Telkom’s operating income of R6,5bn.