Bloomberg News

Econet Wireless Zimbabwe Full-Year Profit Rises 18%

April 24, 2012

Econet Wireless Zimbabwe Ltd. (ECWH), the country’s biggest mobile-phone carrier, said profit for the fiscal year through February rose 18 percent to $165.7 million.

Revenue climbed 24 percent to $611 million with subscribers up 16 percent to 6.4 million, Douglas Mboweni, chief executive officer of the Harare-based company, told analysts today at a briefing in the city.

Econet invested $614 million over the past three years in network infrastructure, Krison Chirairo, the company’s financial director, said at the briefing.

Total assets increased 27 percent to $812.4 million, he said.

To contact the reporter on this story: Godfrey Marawanyika in Johannesburg at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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