TelOne posts profit, seeks govt hand on legacy loans

TelOne posted an operating profit of $1,6 million in the six months to June 30 despite a fall in revenue and the government–owned telecommunication provider said it was seeking shareholder hand to extinguish legacy loans.

The legacy loans amounting to $322 million were inherited after the unbundling of the then Postal and Telecommunications Corporation (PTC).

PTC was unbundled into TelOne, NetOne and Zimpost.

In a statement accompanying the financial results for the half year-ended June 30, TelOne board chairman Charles Shamu said the removal of the debt from the balance sheet would allow the company to access loans at reasonable rates.