BTCL claws its way back
Mbongeni Mguni | Wednesday September 25, 2019 20:07
For three months this year, BTCL was stuck below 88 thebe, three thebe above its all-time record low of 85 thebe seen in 2016, as its retail heavy register cashed out.
At some point this year, BTCL was among the Botswana Stock Exchange’s top five heaviest losers, a list currently anchored by Standard Chartered Bank Botswana, which has shed 56% of its value thus far.
However, between last Wednesday and today, BTCL moved from 88 thebe to 94 thebe, cutting its losses since the beginning of the year from 7.4 percent to just one percent. Last month, the telecomms giant unveiled a 15% drop in pretax profits for the full year ended March 2019, attributed to margin pressure due do reduced consumer spending.
Directors, however, rallied investors, saying they expected the group’s ‘significant’ investments in network in the past few years to monetise this year.