Telecel In $15million Loss

Zimbabwe’s third largest mobile network operator, Telecel, has reported a ZWL$14, 551 400 loss before minorities in the first five months of 2019, a financial statement shows.

Total revenue, for the period to May, stood at ZWL$19 473 000 while operating expenses gobbled ZWL$16 501 600, a statement gleaned by Technomag shows.

Staff costs and bonuses amounted to ZWL$6,1 million while I T maintenance and repairs, network maintenance and rent expenses as well as office rentals totaled about ZWL$6,8 million

Loss making entities have prompted government to call for privatization to all under performing State-Owned Enterprises so as to wean these companies that are making losses and accruing debts which the government has been obligated to take over.

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