Borkena
Toronto – Ethio Telecom has reported a 148 billion birr revenue from the last fiscal year. However, an audit reveals that net profit plunged by 69.5 percent compared to previous years.
According to DW Amharic new report published on Thursday, the change in forex change regime, which was introduced in July 2024, has contributed to a high decrease in profit.
Audit Service Corporation has reported that the loss from forex, compared to the preceding year, has increased by 1825 percent.
Regarding the key finding, total revenue in the 2017 Ethiopian fiscal year shows a 62 percent increase compared to the 2016 but the net profit was down by 69.5 percent. The gross revenue in 2016 was 91.4 billion birr.
The report revealed that Ethio Telecom net profit in 2016 fiscal year was 19 billion. The figure for 2017 was 5.8 billion birr.
DW Amharic cited Abdulmenan Mohammed (PhD) as saying that the forex regime change in 2016 Ethiopian fiscal year made Ethio Telecom, which is one of the leading profit making government enterprises, vulnerable to “excessive expense.”
It is indicated that enterprises with high debt will be liable to great loss in times of forex regime change. Ethio Telecom has about 29.8 billion birr debt with ZTE, Huawei and Ericson, according to the report.
The audit report, the first since the introduction of forex regime change, shows that Ethio Telecom has suffered about 42.6 billion net loss in foreign currency.
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This huge company is being top managed by our over-qualified daughter/sister and she has the matchless intellectual horsepower to wither away this temporary hiccup. We will see the telecom making billions again soon. You can take that to the bank. Hey misogynists! Take a nap!!!