Ethiopian State Telecom Misses Target as War Disrupts Service
- Ethio Telecom missed six-month revenue target by 14%
- War in north has hammered investor confidence, hurt economy
Photographer: Eric Lafforgue/Art in All of Us/Corbis News/Getty Images
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Ethiopia Telecommunications Corp. failed to hit its first-half revenue target due to outages and disruptions caused by the war in the north of the Horn of Africa country.
State-owned Ethio Telecom raked in 28 billion birr ($561 million) in the six months through Jan. 7, Chief Executive Officer Frehiwot Tamiru told reporters in the capital, Addis Ababa. That was 7% more than a year earlier, but 14% below the target. Property worth almost 329 million birr was destroyed in the violence, Frehiwot said.