MTN Uganda’s profits rose by 14% to UGS67.8 billion (USD36.59 million) in the year ended March 2005 on the back of a 45% jump in subscribers during the period, according to the company’s annual report. The cellco’s turnover in the twelve months was UGS300 billion (USD161.92 million). In its previous fiscal year, net income reached UGS59.7 billion on revenues of UGS275 billion. The report adds that MTN’s average monthly revenue per user (ARPU) decreased from USD22 to UD19 in fiscal 2004/05 despite a 10% strengthening of the Ugandan shilling against the US dollar. The report concludes that MTN Uganda remained ‘a highly efficient operation, achieving excellent margins in a market where tariffs are among the lowest on the continent’.