Cell C reveals how much money it makes
Mobile operator Cell C has revealed that it made a profit of R2.8 million in the six months ended June 2016, on revenues of just under R7 billion.
It represents the first time that Cell C’s financial data has been made public, as listed company Blue Label Telecoms intends to acquire 45% of Cell C for R5.5 billion as part of a recapitalisation plan.
In December last year, the boards of Cell C and its holding company 3C Telecommunications accepted an offer from Blue Label Telecoms for the deal.
The deal is expected to involve Cell C management and staff holding about 30% of the mobile network’s shares, with 3C Telecommunications holding about 35%.
Cell C’s numbers are contained in a circular published by Blue Label Telecoms on Tuesday.
Cell C CEO Jose dos Santos has said the company is planning to list on the JSE in the next three to four years.
Cell C results, six months to June 2016
In the 2015 financial year, ended December 2015, Cell C reported revenue of R13.2 billion and a net loss of R5.6 billion.
The company has been extending losses since 2013, with a reported R3.54 billion loss that year, followed by a loss of R4.87 billion in 2014.
Cell C results, full year 2015, 2014 and 2013
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