Econet Wireless reports 30% drop in net profit

27 Oct 2014

Econet Wireless Zimbabwe has reported a 30% drop in net income for the six months to end-August 2014, from USD70.6 million last year to USD49.6 million this year. This came despite a 4.2% rise in first-half revenues to USD392.3 million, Bloomberg reports, with growth slowing due to weaker consumer spending during a wider economic slowdown in the country. The firm said it had just over nine million mobile subscribers at the end of August, up from around 8.5 million a year earlier.