Econet reports interim results

Econet Wireless Zimbabwe has revealed that its revenue for the six months ending 31 August grew 17% year-on-year to reach USD339.5 million. However, operating costs increased 16% to USD186 million with the company citing electricity supply problems as a major challenge during the period under review; approximately 50% of its base stations have had to use generators. The cellco’s subscriber base climbed 24% during the six-month period, standing at 7.05 million at 31 August and equivalent to a subscriber market share of more than 70%. The company also announced that of the USD307 million it raised from financial institutions, USD255 million was used to refinance existing facilities with the remainder spent on network expansion.