Browsing: Cell C
Cell C has reported an interim net loss after tax for the six months to June 2020 of R7.5-billion, but said this was mainly the result of once-off costs and adjustments and that normalised earnings actually grew by 64%.
Blue Label Telecoms has sold its interest in Blue Label Mexico to its partner in the business, multinational bakery products company Grupo Bimbo, for $11.5-million.
Relations between Cell C and its soon-to-be-former client Huge Group have reached rock bottom, with the former claiming it’s owed R60-million by the latter and the latter saying it’s actually the one that’s owed money “morally”.
Ten years after it launched its first mobile offering in the form of 8ta, Telkom has surpassed Cell C to become South Africa’s third largest mobile operator by subscriber numbers.
Cell C’s largest shareholder, Blue Label Telecoms, is confident a recapitalisation of the mobile operator will be completed in the coming months and that this will put it on a new growth trajectory.
Financially distressed mobile operator Cell C expects to close 128 retail stores around the country, with 546 jobs on the line, as it moves to reduce costs and become a more sustainable business.