South Africa's Cell C Reports First Operating Profits
South Africa's smallest mobile network operator, Cell C has reported its first ever operating profit - of R321 million (US$41 million) for the year ending 31 December 2007, up from their operating loss of R349 million (US$44.6 million) in 2006. Cell C's cash flow from operations jumped by 133%, from R361 million (US$46 million) in 2006 to R841 million (US$107.4 million) in 2007.
"With earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) of over R1 billion, which marks an increase of more that 230% in one year, I am pleased that the team's efforts are being honoured by our customers," said CEO, Jeffrey Hedberg.
"During the financial year which ended 31 December 2007, we connected over 3.5 million prepaid subscribers and a further 177 000 postpaid subscribers. This represents a significant improvement against our previous year's connections of 1.8 million prepaid and 175 000 postpaid subscribers. As a result, we ended the year with a total active base of 4.8 million subscribers, an increase of 44% over the 3.3 million in the previous year," said Hedberg.
Cell C subscribers climbed to 4.8 million in the full year. The number has already topped 5 million this financial year, Hedberg said.
Posted to the site on 15th April 2008