Gamtel annual losses stand at USD7.8m

11 Nov 2013

Gambia Telecommunications Company (Gamtel) has reported its audited annual financial results for 2012, in which it said net losses for the telco and its mobile subsidiary, Gamcel reached GMD259 million (USD7.81 million), including GMD93.5 million for Gamtel itself (compared to GMD85.7 million in 2011) while Gamcel registered an individual loss of GMD166.8 million (compared to GMD64.7 million in 2011). Revenue for Gamtel was GMD1.194 billion in 2012 (down from GMD1.450 billion in 2011), while Gamcel posted GMD1.215 billion revenue, up from GMD1.127 billion the previous year. The group faces insufficient revenue generation to meet financial and operational obligation coupled with an aging telecommunications infrastructure and equipment which is no longer supported by suppliers, the Daily Observer reports. These challenges are compounded by ‘perpetual’ vandalism of the company’s fibre-optic and copper transmission cables. Gamtel’s financial officer stated: ‘It is imperative that the company urgently modernises its infrastructure to provide value added and innovative multimedia services which are best suited for fixed telephony. This can only be achieved if there is massive capital injection either by the government or by partnering with a strategic institutional investor.’