Safaricom profits take a swan dive
15 November 2011, 11:03
Nairobi - Safaricom’s CEO Bob Collymore, had the hard task of announcing the half year financial performance in which the company’s profit after tax for six months to September fell by 47.4 per cent to Sh4 billion. Over the same period last year, it reported Sh7.6 billion.
In a statement to Daily Nation, Collymore in his defence said that it is not possible to compare the two periods fairly because the business environment has significantly changed.
Collymore’s new team which he unveiled in April, has set the push for data market as the new lifeline with advent of a free fall voice-tariff regime but it’s failure to manage costs in light of falling revenue and volatile currency market resulted to what equity analysts said was a surprise drop in profitability.
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