ECONET Wireless Zimbabwe’s revenue for the year ended February 28 dipped 3 percent to $621,70 million, largely due to declining voice revenues.
The country’s largest mobile telecommunications network, however, saw the rate of revenue decline slow down from 14 percent recorded in the same period last year.
Profit after tax retreated 10 percent to $36,188 million from $70 million a year earlier, after the company’s voice revenue calls took a huge hit in that year.
Earnings before interest tax depreciation and amortization declined to $224 million, from $238,4 million, a decline of 6 percent. However, Econet said that “even under these challenging conditions, at 36 percent, the EBITDA margin remains competitive”.
Earnings Before Interest and Tax had declined from $286 million to $238 million in 2016, nearly 17 percent retreat in EBITDA on prior year.
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