Econet Wireless profit drops

HARARE — Econet Wireless, Zimbabwe’s top mobile operator, reported a near 10% drop in half-year profit on Tuesday, hit by slowing growth in voice revenue.

Econet’s March-August net profit totalled $70,56 million, down from $78 million the previous year, the company said.

The number of subscribers rose to 8,5 million. Revenue grew by 11% to $376,6 million. That was down from 17% growth in the same period a year earlier, as customers spent less on voice calls.

Econet paid $137 million to renew a 20-year licence in July.

Chief executive officer Douglas Mboweni said mobile money transfer service, Ecocash, had processed $1,2 billion in transactions in the six-month period and would contribute 10% of total revenue within 18 months.


— Reuters

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