Cell C's majority shareholder reported a profit from its continuing operations for the year to end May after a multi-billion rand loss last year. Blue Label says it is optimistic about the success of the recapitalisation programme for Cell C.
The group's shares were trading 7% stronger at R2.99 on Thursday morning after it released its results. Its share price has almost doubled from a 52-week low of R1.52 per share in March., Blue Label said despite restrictions stemming from the Covid-19 pandemic it was able to continue providing essential services such as electricity, airtime, data and other digital services, as well as financial transactional services.
"The group's digital expertise has enabled uninterrupted access of all its products and services through banks, formal retailers, independent retailers, petroleum forecourts and spaza shops across South Africa," it said. Group revenue was down 10% to R21.1 billion from R23.6 billion, while gross profit remained relatively flat at R2.1 billion. Its headline earnings increased to 58.16 cents per share, up from last year's loss of 312.49 cents per share.
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