Tele reports 18% increase in half year profits

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The state telecom monopoly ethio telecom announced it registered an 18 percent higher profit in the first half of the budget year compared with a similar period a year ago during a time when mobile data service was cut in some major areas of the country.

The telecom giant, which is one of the major financial sources for government based projects, has announced that it amassed close to 12 billion birr gross profit in the first half of the 2016/17 budget year.

The monopoly also added that the major share of the profit came from mobile service. The half year statement indicated that from the total gross profit the mobile service share has taken 74.5 percent. It has followed by data service that contributed 14 percent of the profit, while international calls made up seven percent of the profit.

A few months ago, when unrest occurred in the country, the government has cut mobile data service in some parts of the country including the capital city for few months. In the statement ethio telecom does not say anything about this.

Abdurahim Ahmed, Corporate Communication Office of ethio telecom, told Capital that the mobile data service cut did not affect the enterprise’s revenue.

In the first six months the telecom giant earned 15.6 billion birr in revenue, which is a growth of 17 percent compared with similar period of the 2015/16 budget year.

The telecom enterprise also disclosed that it now has 52.9 million customers which is a growth of 11 percent.

The number of mobile phones has also grown eleven percent to over 51 million while Internet and data users  have reached 14.5 million which is a growth of  7 percent compared with the end of the past budget year.