November 29, 2017 / 10:08 AM / in a year

Telekom Networks Malawi expects over 60 pct jump in annual profits

BLANTYRE Nov 29 (Reuters) - Telekom Networks Malawi (TNM) Plc, a wholly Malawian-owned mobile and network operator, expects its annual profits to rise more than 60 percent, the company said on Wednesday without providing a reason.

TNM, which is listed on the Malawi Stock Exchange (MSE), had profits last year of 8.21 billion Malawian kwacha ($11.4 million).

In May TNM announced capital expenditure of $30 million to build a 4G network and expand mobile internet coverage beyond Malawi’s three major cities of Blantyre, Lilongwe and Mzuzu to outlying areas. The network operator said it would publish its financial statements in March 2018. ($1 = 718.0000 kwacha) (Reporting by Frank Phiri; Editing by Tanisha Heiberg and Ed Stoddard)

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