News:Econet Zimbabwe profits plummet

From Pindula

<vote /> Zimbabwe's largest mobile telephone operator Econet Wireless Zimbabwe is holding an analysts' briefing meeting where it has unveiled figures for the 2015 to 2016 financial year.

Highlights shared by analysts on Twitter indicate a similar trend as that witnessed last year. The mobile operator's revenue was down to $641 million which was a 14% decrease from last year’s $746 million income total. Proft after tax stood at $40 million which is a decline from the $70 million they accrued last year.

However revenue from broadband services has continued to grow, albeit at a much slower rate of 9.7% compared to last year's 43%. Revenue from broadband services increased by $10 million from $103 million to $113 million. Broadband services contributed 18% to the group’s total revenue which is a 4% increase from the previous year’s 14% contribution.

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