Airtel Loses Over $46Mil In East Africa -Reports
Airtel Tanzania’s losses decreased to $15.94 million last year from the $47.1 million loss in 2017, according to the telecommunication firm’s financials.
Despite the improvement in performance, the loss still increased Airtel’s accumulated losses in Tanzania to a staggering $436.6 million.
Annual reports show that the company’s revenues took a dive to $202.6 million in 2018, from the previous year’s $212.9 million.
The Dar division’s current assets are standing at $211.8 million, while its liabilities are at $625.7 million, leaving Airtel in a deep net negative assets territory.
The results from Airtel Tanzania mean that Bharti Africa’s units in Rwanda, Kenya and now Dar made a massive $46.5 million in losses last year, as the Indian telecommunication giant continues in its struggle to crack a market that is controlled by the UK giant Vodafone and its subsidiaries.
The Ugandan unit came through as the only profitable business for Airtel within East African in 2018.
The Kenyan unit suffered a $27.43 million loss last year, down from the previous year’s $59.5 million loss, while Rwanda’s unit loss was $3.16 million last year, almost a year after it had bought out Tigo from the Rwandan market.
Airtel Africa argued that it wasn’t able to meet its requirements as a result of various challenges, including the potentially insufficient liquidity of Tanzania’s economy, a lack of investors who have enough capital to subscribe and the political and economic conditions in Tanzania.
Credit: This article originated from www.allafrica.com