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Econet Wireless profits dip 10 percent
29/10/2013 00:00:00
by Reuters
 
Profits down ... Douglas Mboweni
 
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ECONET Wireless, the country’s top mobile operator, reported a near 10 percent drop in half-year profit on Tuesday, hit by slowing growth in voice revenue and a one-time licence renewal fee.

The company’s March-August net profit totalled $70.56 million, down from $78 million the previous year, the company said.

The number of subscribers rose to 8.5 million. Revenue grew by 11 percent to $376.6 million. That was down from 17 percent in the same period a year earlier, as customers spent less on voice calls.

Econet also paid $137 million to renew a 20-year licence in July, which also ate into its profit.

Chief executive Douglas Mboweni said its mobile money transfer service, Ecocash, had processed $1.2 billion in transactions in the last six months and now contributed 10 percent of total revenue



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