South African-based satellite television service provider,
The company recorded loss for the second year running, its audited accounts released on Wednesday showed.
Shares in the company dropped by 0.25 per cent on the
The latest loss compares to a loss after tax of
The substantial net foreign exchange translation losses resulted from losses on "USD-denominated non-quasi equity loans between
"This follows the depreciation of the NGN against the USD from a closing rate of
According to the income statement, revenue dropped 5.9 per cent to
"The combination of foreign exchange headwinds and a lower subscriber base resulted in a net decline in group revenues of 5% to
General and administrative expenses jumped to
"While we are not alone in feeling the challenges of a weak consumer environment, I am proud of the speed and effectiveness of the team in implementing strategic actions to retain customers, safeguard cash generation and drive cost savings which surpassed our targets," CEO
"It is the strength of this team, the quality of the underlying business, and the clarity of our strategy that underpins my confidence in delivering on our potential," he added.
The subscriber base fell by 9 per cent owing to a 13 per cent drop in subscription rate outside its base in
Loss before taxation stood at
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