Media Comment - 23 November 2000
M-Cell results for 6 months ended 30 Sep 00
 
Revenue increased 40% to R3.84bn (R2.74bn), operating profit was 31% higher at R704.7m (R539.7m), and attributable earnings was 40% higher at R312.5m (R222.6m). HEPS was 59% higher at 30.9c (19.4c). M-Cell has maintained its excellent growth during the 6 month period under review. The upward momentum in subscriber numbers has continued unabated. The company realised its goal of acquiring 100% of MTN through the purchase of the remaining 23% in MTN from Transnet.The acquisition was settled by the issue of 366m new ordinary shares to Transnet and results in MTN being fully listed through M-Cell. The M-Cell group has continued with its expansion programme outside South Africa. This has manifested in a number of successful transactions implemented during the period and includes the launch of MTN Cameroon, the licensing of MTN's Remote Interactive Voice Response to the Italian mobile operator, the signing of a memorandum with Lockheed Martin Global to provide satellite internet and telecommunications services across Africa, and the establishment of an electronic funds transfer network for the banking community in Ghana. The group continues to exploit opportunities that are presented by the convergence in the telecommunication, media, and technology sectors. It is expected that the group will increase its offshore revenue through partnerships and alliances in the future.