Nsfa Ethiopian Airlines cancels last remaining flights to restive Amhara region
Safaricom First-Half Profit Drops as Ethiopian Birr PlummetsSafaricom Plc, Kenyas biggest company by market value, said first-half profit fell 18% because of the devaluation of Ethiopias currency.The Nairobi-based companys net income fell to 28.1 billion shillings $218 million from a year earlier, Chief Executive Officer Peter Ndegwa said at a briefing on Thursday. Earnings from mobile-money product M-Pesa now account for about 43% of service revenue.The birrs has depreciated more than 50% against the dollar since the authorities in the Horn of Africa nation allowed the currency at the end of July to trade freely, inflating debt-servicing costs for Safaricoms unit and raising local-currency expenses such as leases. The weakening of [url=https://www.stanley-cups.es]stanley cups[/url] the currency cost the company about 17.5 billion shillings, according to a results presentation. As a business were optimistic to be in Ethiopia when positive critical reforms are happening. In the long term, this is good for Ethiopia, Ndegwa said. This is the start of being able to repatriate divi [url=https://www.stanley-cups.es]vaso stanley[/url] dends. But we must take into account the financial impact in the short term. To mitigate that hit, Safaricom has renegotiated foreign-currency denominated contracts, taken on local suppliers and reviewed [url=https://www.stanleys-cups.us]stanley cup website[/url] pricing. About 85% of its capital expenditure and 15% of operational costs are in foreign currency, Chief Financial Officer Dilip Pal said. The impact in the second half of the year is expected to be much lower.Cuts OutlookRelatedPosts First National Gktv French high court overturns ban on plastic packaging
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