In another twist involving the public protector’s office‚ the Minister of Co-operative Governance an.
South Africa's third-ranked mobile firm Cell C said its first-quarter net loss almost doubled as a weaker rand inflated its debt servicing costs, even while it boosted revenues and increased subscribers.
Chief financial officer Muhieddine Ghalayini yesterday said the company's net loss widened to R369,5million in the three months to end March from a loss of R186,5million in the period a year ago.
Unlisted Cell C does not normally report quarterly results except to bond investors, but Ghalayini was confirming a report by Bloomberg News.
Ghalayini said unrealised foreign exchange losses had caused the bigger net loss as a weaker rand made servicing its dollar and euro-denominated debt more expensive.
He said the company's first-quarter revenue increased to R1,8billion from R1,45billion and subscribers rose more than five times to about 3,3 million. - Reuters