State-owned Zimbabwean fixed line operator TelOne has reported a 23.7% slide in its revenues for full year 2016 to USD119.6 million, from USD148.1 million the year before. The firm said that while income from fixed broadband services climbed 13.6% to USD34.8 million, voice telephony revenues fell 26.0% to USD79.0 million. According to a report from The Source, the firm posted a net loss for the year of USD35 million, down from a profit of USD10 million in 2015, after interest on legacy debt rose 860% due to exchange rate movements. The operator also reported an increase in operating costs due to depreciation.
TelOne was saddled with a USD360 million debt when it was created following the split of the Postal and Telecommunications Corporation (PTC) in 2000, and it has struggled since then with interest payments. The company also says that while it owes creditors USD116.5 million, it is owed a total of USD271.5 million in unpaid bills.