Cell C Still Haemorrhaging Subscribers And Millions Of US Dollars!
Cell C, the South African mobile telecoms company beset by historical financial distress, is reported to be still losing subscribers and a whole load of revenue. According to industry reporting, Cell C prepaid subscriber base has plunged to by about 34 per cent with more than US$ 450 Million loss posted.
Cell C has retorted saying that the some of the loses reported were mainly due to one-off costs and impairment adjustments and that it is optimistic for the future being forged, based on its strategy for restructuring and optimising operations.
Zaf Mahomed, the chief financial officer for CELL C, stated: "We (CELL C) remain focused on restructuring the balance sheet and optimising the business for long-term competitiveness. We have a legacy debt challenge in our balance sheet, rather than an income statement one which will be addressed with the recapitalisation.
"The first six months of 2020 was characterised by the continuing slowdown in the economy, which weakened general customer spend. We have taken active steps to reduce our focus on pure revenue and subscriber growth, and have shifted to more profitable, long-term growth in the prepaid and contract segments" said the CFO.