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Cell C raises R1.27 million losses

Blue Label Telecoms published its results in the six months of November 30, 2018, in which it defined the financial status of Cell Cell.

Blue Label bought 45% of CellC's shareholder in August 2017, and then earned the results of financing the network's results.

The company shared the annual Cell Cren reports, ending on December 31, 2018, showing a huge loss of mobile operator.

Cell C registered revenues of R15.69 million in 2018, but suffered a total loss of R1.27 million.

Operating profits made before the financial expenses and taxes were R1.43 million, but the R433 million financial costs fell by the company figures.

Blue Label shares fall

Blue Label's results in the six months ended November 2018 mentioned the net losses of Cell Cren to R634 million.

"The Group's stake was R285 million," said the Blue Label.

Cell C's negative behavior has been damaging the Blue Label in recent years, the price of JSE's price ranging from R14.96 to R5.26 in January 2018 in December 2018.

Many analysts, including Wayne McCurrie FNB Wealth and Investments, They raised concerns Cell C solutions for the future.

The Blue Label Telecommunications CEO Brett Levy questioned Cell C's prospects about the future of the operator.

Levy said in December they had a clear vision and strategy of Cell C and that the "growth story" is that the operator will have a very powerful 3 player.

At the time of writing, the Blue Label shares decreased by 3.43% on the day R5.91.

Cell C Changes

The final results are announced by Blue Label last week by Cell C a small shareholder.

"Blue Label has complied with Cell C's terms with The Buffet Consortium, according to Buffer … Cell C has become a minority shareholder," said the company.

In the last two weeks Sky C CEO José Dos Santos was lower down In his position to take on the company's advice role.

Douglas Craigie Stevenson has been nominated as a Provisional Cell C CEO for final replacement.

Stevenson served Cell C COO for October 2017.

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