Econet in ZWL$1.353bn loss


Listed telecommunications giant, Econet Wireless Zimbabwe reported ZWL$1.353bn loss in the 12 months to February 2020 from ZWL$680,86m recorded in prior comparative period.

Revenue for the group increased 31% in inflation-adjusted terms, to ZW$ 6.8bn from ZWL$5.2bn in the prior comparable period.

Earnings before interest, taxation, depreciation and amortization (EBITDA), however, decreased 4%, to ZW$ 2.7bn during the reviewed period.

EBITDA margin was maintained at 39% .

The company focused on operational efficiencies which resulted in margin being maintained despite the pressures resulting from general price increases in the economy as well as the increase in network operational costs.

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