Econet Zimbabwe profit drops by 9.5% in 1H FY2014

30 Oct 2013

Econet Wireless Zimbabwe, the country’s biggest cellco in terms of subscribers, has published its financial results for the six months of the fiscal year ending 28 February 2014 (1H FY2014), reporting a 10.92% increase in revenues to USD376.6 million, up from USD339.5 million reported at end-August 2012. TechZim reports that in the period under review, the company generated profit of USD70.56 million, a 9.5% decrease on the USD78.00 million for the corresponding period of 2012, mainly due to ‘a rise in costs such as licensing’. Econet’s EBITDA, however, increased by 8% year-on-year to USD165.3 million, up from USD152.8 million in 1H FY2013.