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STATE-OWNED mobile network operator NetOne swung to profitability in the eight months to August 31, 2018, as profit rose 105 percent to $1,3 million from a loss of $26 million in the prior comparable period.
Last month alone, the firm recorded the highest monthly profit (since 2016), which jumped 105 percent to $0,4 million from a loss of $7 million recorded in August 2017.
Revenue for the month of August alone amounted to $10,3 million, representing 8 percent growth on last year. This was also the highest monthly turnover since restructuring in 2016.
ALL SHARE
The All Share index closed the week in the negative after dropping 1.05 points (0,93 percent) to end at 112.35 points. Delta slumped $0,1047 to settle $2,0259, Padenga traded $0,0100 lower at $0,6200 and Barclays lost $0,0075 to $0,0620. Edgars also decreased by $0,0038 to close at $0,0850 and OK Zimbabwe was $0,0003 weaker at $0,2397.
Losses were partially offset by gains in Old Mutual which recovered $0,2647 to trade at $5,4133, SeedCo was up $0,0998 to trade at $1,9500 and Amalgamated Regional Trading added $0,0130 to settle at $0,0850. Other gains were recorded in FBC Holdings which traded $0,0100 higher at $0,2500 and Afdis closed the week at $1,4619 following a $0,0094 gain.
Bongani Ndlovu