Blue Label Telecom announced on Thursday that international business had affected the company negatively, despite reporting revenue of nearly 7 percent recently. The company, which distributes electronic tokens, mainly prepaid airtime and transactional services across its global markets, said that their business in Nigeria had suffered from increases in international business. It said in its report that “negative impact caused by the closure of the Africa Prepaid Services Nigeria manifested into a loss of R3.1 million compared to a profit of R6.9 million in 2010.” Blue Label continued to say that its assets and liabilities as part of the prepaid services were disposed during the interim financial period. Shareholders were also told that the Multi-links contract was cancelled in November 2010 with the result that the share of losses incurred in the current period were confined to expenditure relating to the winding down of the operation However, despite the new report, the company remains confident that through its global businesses and its effort to diversify, they fully expact to return to profitable status in Nigeria and across West Africa in the very near future. Nigeria's regulator has implemented a number of new telecom strategies, which Blue Label said would take some time to become accustomed to and to regenerate its business strategy in the country. BM ShortURL: http://goo.gl/kIVm1 Tags: Blue Label Telecoms, Nigeria, Telecom Section: Tech, West Africa
