Mobile phone operator TNM Plc has post a K1.3 billion loss in the first half of the year after suffering huge exchange rate losses attributed to the devaluation of the Kwacha.
The company’s published financial results show a reported foreign currency accounting loss of K1.4 billion from K310 million in the corresponding period last year.
This blow resulted in the business reporting K1.34 billion loss from a profit of K4.5 billion last year -representing a 133 % drop.
According to the statement co-signed by board chairman Ted Sauti Phiri and CEO Arnold Mbwana, the firm’s total revenue only grew by 1% to K43 billion.
The board has so far not recommended any dividend to shareholders.
Recently, minority shareholders expressed worry with the company’s performance, imploring directors to consider finding a strategic partner.
However board chairperson Sauti Phiri is optimistic of an imminent rebound hence ruling out the search for a strategic investor.