TNM Plc Post K1.3 Billion Loss

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.

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