Zimbabwean fixed line operator TelOne has experienced an 8% year-on-year increase in its first quarter revenues for 2014, All Africa reports, citing TelOne’s managing director Chipo Mtasa. According to the article, the executive has noted that the performance was below expectations due to the liquidity crisis currently bedeviling the economy. Mtasa said: ‘We have been affected by the liquidity crunch that is [happening] in the country at the moment; however we think we can recover in the second quarter. We may be slightly better than the first quarter of last year, about 8% to 10% better in terms of our revenue generation, however we are not quite up to our expectation.’ Further, TelOne’s managing director revealed that the company plans to invest USD100 million over the next four years in a bid to turn around the fortunes of the company. She added: ‘These capital projects include replacing our core network as our infrastructure is outdated. So we want to replace it and [deploy] a new network that will be complimented by [our] access network … we also want to extend our fibre backbone footprint across country.’ Mtasa also commented on the debt collection campaign, which TelOne launched back in August 2013; the operator is owed over USD300 million by customers in unpaid bills since 2009. The director pointed out that the debt collection exercise has been affected by the liquidity crunch – TelOne had expected to collect over USD10 million per month, but has instead averaged around USD8 million per month.
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