South Africa’s cable television operator MultiChoice Group reported a more-than-double surge in net loss for the six months through September as its operations outside its base and Africa’s most industrialised faced multiple macroeconomic headwinds that eroded earnings.
Subscription fees, which account for 81.6 per cent of the pay TV provider’s revenue, faced tremendous strain during the period, with as many as 243,000 Nigerian and 298,000 Zambian subscribers ditching the company’s services.
That laid the foundation for an 11 per cent decline in turnover to 24.8 billion rand, compared to a year ago, according to MultiChoice’s interim earnings report issued on Tuesday.
