Blue Label warns of hefty full-year loss amid Cell C woes

Blue Label warns of hefty full-year loss amid Cell C woes

19.9.2019

Blue Label warns of hefty full-year loss amid Cell C woes

Blue Label Telecoms holds 45% of Cell C, and the cellphone operator’s debt burden has contributed to an almost fivefold fall in HEPS

the largest shareholder of Cell C, said on Thursday it had swung into a headline loss, as it writes down the value of its 45% holding in the debt-laden cellphone operator.

Fair-value downward adjustments also contributed 91.75c of the fall per share, and trading losses and related impairments at its Indian operations contributed 25.46c.

Cell C, which has struggled to make consistent profits since it became SA’s third mobile operator in 2001, is grappling with a hefty debt burden.

“We believe there is an increased likelihood that Cell C will be unable to repay all or substantially all of the obligations as they come due, unless it is able to restructure its debt and recapitalise its balance sheet,” the ratings agency said at the time.

Read more: Business Day

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