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HomeNewsEthio-Telecom announces  foreign exchange loss of birr 31 billion

Ethio-Telecom announces  foreign exchange loss of birr 31 billion

By Staff Reporter

ADDIS ABABA – (BORKENA) – Ethio-Telecom announced it has faced a foreign exchange loss of birr 31 billion over the last five years, sources said.

Company Chief Financial Officer, Asegid Ayele said that though the company’s profit has reached from 12 percent to 22 percent during the past five years, the inflation and foreign exchange loss have become its challenges.

The Chief Financial Officer said this last Friday 23 June 2003 while Company Senior Leadership members, including Company Chief Executive Officer, Firehiwot Tamiru, presented the nine-month performance report to the Standing Committee of State Development Enterprises of the House of Peoples Representatives.

The report indicated that over the past nine months the Company secured 52.7 billion birr and deposited 103 million USD.

The high level officials of the Company said on the occasion that the number of customers of Tele Birr Mobile Banking Service, which was launched two years back, has reached over 30.5 million. The officials also mentioned during the deliberation of their performance report that 394.7 billion birr was transferred through the Tele Birr Mobile Banking Service over the past nine months.

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