Econet's profits down 37%

Econet Wireless Zimbabwe has announced that profits are down by 37.4% in the half year to 31 August 2016. The company blamed the decline on reduced revenues, which are caused by a difficult operating environment.

Said board chairman, James Myers:

Revenue for the Period under review was $301 million compared to $323 million for the same period last year. profit after taxation (PAT) was $14.9 million compared to $23.8 million for last year. Profitability was affected by the decline in revenues as a result of the difficult economic environment. We have therefore continued to focus on cost reduction in order to protect margins and profitability.

Source: Techzim, Econet