Wednesday, July 6, 2022
  • About Us
  • ImagiNATION
  • Rate Card
  • Contact Us
The Nation Online
Advertisement
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

TNM first half profits dip 30%

by Johnny Kasalika
14/08/2012
in Business News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

TNM indicated in a cautionary statement to its shareholders last week that its profit after tax for the six months ended June 2012 will be 30 percent lower than the same period last year.

TNM company secretary Christina Mwansa, in a statement, attributed the low profits to foreign exchange losses incurred as a result of the devaluation of the kwacha in the second quarter of the year and resultant increases in finance charges.

The company’s after-tax profit for the year-ended December 31 2011 jumped by 16 percent from K1 billion in 2010 to K1.36 billion in 2011.

This profit upsurge was attributed to the growth in subscriber base that jumped by 35 percent in 2011 as well as growth in market share which rose from 37 percent to 42 percent.

Earlier this year, TNM announced a $20 billion investment to help the company increase its penetration and trigger tariffs drop.

“Our priority at this stage is to spend money on reducing redundancy and sustainability of the core network system. We have 80 massive computer savers running in the core network. All of that needs to be duplicated in different locations so that whatever disaster may strike, we should have network continuing,” said TNM chief executive officer Willem Swart.

He added that the company plans to boost network capacity to meet the demands of their growing subscriber base. Swart said they plan to continue rolling out coverage in commercially viable areas and also invest heavily in areas that are not commercially viable.

The company’s penetration level on the local market is currently 30 percent but it plans to go up to 50 percent.

Previous Post

MBC staff demonstrate

Next Post

Agoa market extension excites business

Related Posts

Malawi has one of the lowest 
electricity penetration
Business News

Firms free electricity for domestic customers

July 6, 2022
Trading in progress at Malawi Stock Exchange
Business News

Mixed fortunes for listed firms

July 6, 2022
Business News

Imports 92% more expensive—report

July 5, 2022
Next Post

Agoa market extension excites business

Opinions and Columns

Columns

Chakwera’s lost years

July 6, 2022
My Turn

Early years education counts

July 6, 2022
My Turn

Child neglect and street robbery

July 4, 2022
Editor's Note

MPs’ houses to cost taxpayers K60bn

July 3, 2022

Malawi-Music.com Top10

Trending Stories

  • Chilima opened up on the alliance and 2025 race

    Lawyers doubt SKC 2025 bid

    0 shares
    Share 0 Tweet 0
  • PTC outlines future prospects, shuts shops

    0 shares
    Share 0 Tweet 0
  • Chakwera u-turns on powers

    0 shares
    Share 0 Tweet 0
  • Dubai firm cries foul

    0 shares
    Share 0 Tweet 0
  • APM, Ntaba risk Criminal charges

    0 shares
    Share 0 Tweet 0

  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2022 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.