South Africa's Cell C posts $461 mln half-year loss

  • Reuters
  • Stock Market News
South Africa's Cell C posts $461 mln half-year loss
Credit: © Reuters.

JOHANNESBURG, Oct 20 (Reuters) - South Africa's third biggest mobile operator Cell C reported a 7.6 billion rand ($460.67 million) loss for the six months to June, weighed down by once-off impairment and restructuring costs as well as a weaker rand.

The total once-off costs, which include network site restoration, amounted to 5.5 billion rand, Cell C, where telecoms firm Blue Label BLUJ.J owns 45% stake, said.

It added that results were also impacted by accounting changes.

Overall revenue fell by 8% to 6.9 billion rand, lowered by service revenue which was 6% lower as part of the firm's strategy to only retain profitable customers.

($1 = 16.4976 rand)

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