The company's chairperson Professor Mathews Chikaonda and his vice Hitesh Anadkat said in the statement that increased depreciation charges enhanced fixed asset base and financial charges leading to the company's losses.
The company has however lauded its marketing approach, which has helped increase its subscriber base by 60%.
“The growth has been from a 517,000 subscriber base representing a 29% marketshare to 828,000 representing a 33% marketshare which has come about due to investment in the network and related marketing initiatives,” the statement reads.
Even in the face of the loss, the company hopes to do better in the year coming saying it intends to remain focused on increasing the subscriber base as well as retention and revenue maximisation coupled with strategic cost control.
