Cell C Reports Loss

Image sourced from Town Press Cell C has reported a loss of R5.5 billion after tax following the announcement of its annual financial performance for the 12 months ending December 2020. The telco revealed that total revenue was down by 8% to R13.8-billion (2019: R15.1-billion), with the largest part of the revenue contribution from its prepaid base at R6.2-billion (2019: R6.9-billion). CFO of Cell C, Zaf Mahomed believes that even though the telco made a full-year loss, the latter six months of 2020 was encouraging as it had shown a R2.1 billion profit in the second half. Mahomed says “our results reflect a business in transition. We are starting to see the impact of our changes which included a focus on more profitable subscribers and through the reduction in costs a shift to revenue-gene...