The struggling mobile operator Cell C shows slight improvement in its financials.
Cell C has released its interim results for the six-month period to June 2021, showing a profit before tax and subscriber growth compared to this time last year. The mobile operator reported a R148-million profit before tax, reports MyBroadband
The turnaround in profitability from a R7.6-billion loss reported year-on-year. EBIT increased to R736-million (H1 2020: R5.3-billion loss). This is mainly due to the significant impairment of network assets in the previous financial year and operational expenditure savings in this reporting period.
Cell C CEO Douglas Craigie Stevenson said, “our financial performance has improved, and we are making good progress on the three-year transition to a virtual Radio Access Network, the implementation of our new business model, and the introduction of new products to market”.
Last year Cell C had an impairment of R5-billion. The company said it is evolving to become a buyer of infrastructure services and will decommission its own physical infrastructure by 2023.
Leave a Reply