May 10, 2011 7:13 PM SAST
Burkina Faso: Onatel reports 77 pct fall in net results
Burkina Faso: Onatel reports 77 pct fall in net results
Burkina Faso telecoms company Onatel has reported a 77.21 percent fall in net result for the first quarter of 2011, hit by lower tariffs charged to clients compared with the same period last year.
Onatel said sales for the quarter fell 8.2 percent to 24 billion CFA francs. It said it had to also cut fixed line charges due to stiffer competition from the mobile sector.
The company which is listed on the regional West Africa bourse reported a net result of 1.45 billion CFA francs as of end March, compared with 6.36 billion CFA francs in 2010.
The company in which Maroc Telecom owns a 51 percent stake, said it increased its client base by 44 percent to 2.9 million subscribers.
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