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BTC records improved revenue

Botswana Telecommunications Corporation Limited (BTC) has recorded a significant growth in its revenue for the six months that ended on 30 September 2017.

This was an improvement from last year’s results, which saw BTC recording an increase of 12 per cent to P98 million compared to P88 million of the profit after tax for the same period in the previous year.

The interim financial statements for the company indicated that BTC increased its revenue by two percent with the cost of sales declining by eleven percent leading the company to record an increase in gross profit of eleven percent.

General manager - Finance for BTC, Mr Abel Bogatsu said the results reflected an improvement on the performance of the company against the previous period. 

Presenting the financial results on Thursday, Mr Bogatsu said the company had financed investments in the new systems, infrastructure modernisation and expansion internally at a cost of P124 million.

He said cash balances were at P487 million, sufficient to finance the operations and capital expenditure programme of the company.

Mr Bogatsu explained that with intensified competition within the telecommunication sector, there had been new developments at different levels of the telecommunication value chains on the back of the new licensing framework, which presented partnership opportunities.

He said the intense competition had also put pressure on the mobile market, which was experiencing high churn rates and margin squeeze.

Despite the subdued economic growth, which has put pressure on bucket spend, Mr Bogatsu noted, BTC would continue to explore growth opportunities, especially in the broadcast space, where penetration levels were still low and the demand for data services on the increase.

“We expect positive results from our 4G service, which we introduced in most urban and peri-urban areas around the country. As a company, we will continue with our transformation journey, with focus on network, commercial and cultural transformation,” he added.

The BTC board has declared an interim dividend of 3.73 thebe per share payable to all shareholders registered in the books of the company at close of business on 29 December. 

The interim dividend will be paid net of applicable withholding taxes under the Botswana Income Tax on or before 19 February 2019.

The Interim financial statements were authorised for issue by the members of the Board of Directors on 23 November. BOPA

Source : BOPA

Author : Matshidiso Moseki

Location : GABORONE

Event : end of year financial statement

Date : Dec 03 Sun,2017

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