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Cell operator Cell C has reported R2.36 billion in revenue earlier than tax, an enormous turnaround in fortunes from the R10.69 billion loss it reported a yr in the past.
Cell C disclosed the PBT determine to TechCentral on Thursday when its largest shareholder, Blue Label Telecoms, revealed full-year outcomes for the interval ending 31 Could 2021. The Cell C PBT determine is for a similar buying and selling interval.
“Cell C has reported a big turnaround in profitability,” mentioned CEO Douglas Craigie Stevenson. Cell C’s monetary yr ends in December, and so the R2.3 billion PBT quantity doesn’t type a part of its audited accounts. It’s anticipated to publish its first-half outcomes to 30 June in late September or early October.
The cellular operator’s fortunes are definitely wanting up: It additionally reported 130% swing in earnings earlier than curiosity and tax – there was a big impairment of community property within the earlier monetary yr – and a ten% lower in working bills, particularly community prices “according to technique”, Craigie Stevenson mentioned.
Common income per person climbed by 19% yr on yr to R76.
Income
Blue Label, in the meantime, disclosed that Cell C reported income for the 12-month interval to end-Could of R13.95 billion from R14.59 billion beforehand.
In the meantime, it’s understood {that a} deliberate recapitalisation of Cell C, aimed toward addressing the massive quantity of legacy debt on its stability sheet, is nearing finalisation and can be introduced quickly.
Duncan McLeod is Editor of TechCentral, on which this text was first revealed right here.
© 2021 NewsCentral Media
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