Malawian mobile operator Telekom Networks Malawi (TNM) has reported a 32% fall in profit for the six months ended 30 June 2009 to MWK448.6 million (USD3.25 million). The company attributed the decrease in net income to a shortage in foreign currency, which in turn hindered its investment plans.
'In the current challenging economic environment, earnings targets will not be achieved,' the company told local newspaper the Daily Times, adding, 'We have taken steps to reduce capital and operating costs and to minimise exposure to foreign currency related expenditure.'
TNM was awarded a licence to operate wireless services in 1995 and launched a GSM-900/1800 network in December that year, becoming the third wireless network in southern Africa.
With an estimated 753,000 customers at 30 June 2009, it is Malawi's second largest cellco by subscribers to Zain Malawi.